The board of directors of Evolution has issued a statement on its website recommending shareholders not to accept the mandatory offer from investment company Candle Lake, led by billionaire Kenneth Dart. The board believes that the offer does not reflect the fair market value of Evolution.
In its statement, the board pointed to the discount of the offer compared to the current stock price and referenced comments from Candle Lake, which indicated they do not intend to buy all shares but are merely fulfilling a requirement under Swedish law. Shareholders have until September 15 to accept the offer.