Kenneth Dart, the reclusive billionaire heir to the Solo Cup fortune, has formally tabled a mandatory cash offer to take Evolution private.
Dart’s investment vehicle Candle Lake issued the offer on 13 August 2026, pricing Evolution shares at SEK695, equivalent to €63.03 per share.
That figure represents Evolution’s closing price from 24 July and sits notably below the supplier’s current trading level of SEK733.30 per share.
The mandatory offer follows Dart’s shareholding in the live casino giant crossing the critical 30% threshold last month, triggering obligations under Swedish listing law.
Candle Lake has been clear, however, that it has no genuine intention of purchasing the entire business and is fulfilling a legal requirement rather than making a strategic move.
In a statement to shareholders, Candle Lake said: “Since its founding in 2006, Evolution has grown to become the global market leader in B2B live casino solutions, and Candle Lake values the quality of Evolution’s management and the strength of its operating platform.”
The statement continued: “However, the offer is not motivated by any intention to acquire all of the outstanding shares in Evolution.”
Candle Lake currently holds 59,798,619 shares and votes in Evolution, equating to 31.56% of the total business.
The Cayman Islands-based investor confirmed that its plans for Evolution’s future strategy do not include any material changes to the company’s existing operations.
Dart, formerly known as Michigan’s richest man, has a well-documented history of investing in so-called sin stocks, including tobacco and gambling, and is also Flutter’s largest investor.
The secretive billionaire has historically preferred building non-controlling interest positions rather than acquiring companies outright, a pattern this latest move appears consistent with.
Shareholders appear largely unmoved by the offer, with Evolution’s share price barely shifting, since few investors are expected to sell below the current market rate.
The bid could, however, prove useful for large institutional investors looking to downsize significant positions, such as Capital Group, where selling on the open market in volume can be difficult.
The offer also serves to temporarily establish a floor beneath Evolution’s share price for the duration of the acceptance period.
In a separate and intriguing move, Dart also chose 13 August to acquire an initial stake of 0.59% in RNG competitor Hacksaw Gaming, sending that company’s shares surging 8% to SEK79.5.
