Kenneth Dart Crosses 30% in Evolution, Forcing Takeover Bid

US billionaire Kenneth Dart has crossed the 30 percent ownership threshold in Evolution AB, and Swedish takeover law now gives him four weeks to bid for the rest of the live casino giant or sell back down.

His Cayman Islands vehicle Candle Lake Limited bought 2,050,000 shares on July 24, lifting its holding, together with related entities, to just under 59.8 million shares, approximately 30.02 percent of Evolution's shares and votes.

Four Week Deadline

Candle Lake confirmed the obligation in a disclosure under Sweden's Takeover Act published late Friday. The vehicle, owned and controlled by Dart alongside affiliates Spring Mountain Investments and LBS Limited, must launch a mandatory offer for the remaining shares by August 21 or cut its stake below the threshold.

A cash-settled equity swap covering just over 4 million additional shares pushes Dart's total economic exposure past 32 percent.

Will Dart Take Evolution Private?

Dart emerged as a major Evolution shareholder in August 2024 and has added steadily since, helped along by the company's own buybacks shrinking the share count.

Swedish rules set the minimum offer at the highest price the bidder paid in the prior six months, and Evolution shares traded near SEK 711 on Monday, so a bid pitched at that floor may attract few sellers, which could let Dart meet his legal obligation without taking the company private.

What This Means for Players

Evolution, which last week walked away from a Galaxy Gaming takeover, supplies live dealer games to hundreds of licensed and offshore casinos, and a going-private deal would strip away the quarterly disclosure that lets players and regulators track the company.

Nothing changes at the tables yet. The clock runs out on August 21, when Dart must show his hand.