Candle Lake Proposes $14B Acquisition of Online Casino Firm Evolution
Details and Implications of the Candle Lake Offer
Overview of the Acquisition Proposal
Aug 13 (Reuters) - Candle Lake has offered to buy Swedish online casino provider Evolution for about 131.7 billion Swedish crowns ($13.8 billion), or 695 crowns per share, the investment firm owned by billionaire Kenneth Dart said on Thursday.
Background on Candle Lake's Stake in Evolution
Cayman Islands-registered Candle Lake last month disclosed a holding of just above 30% of the shares and votes in Evolution, triggering an obligation to launch an offer for the remaining shares.
Key Points of the Offer
- The offer marks a discount of 5.7% to Evolution's closing price of 737.2 crowns on Wednesday
- Candle Lake said it had made the bid due to the offer obligation but did not intend to buy all Evolution shares
- "The bid does seem to imply that Candle Lake would like to own more shares in Evolution," Jefferies said
- Evolution declined to comment on the offer when contacted by Reuters
- Evolution shares were down around 1% by midday in Stockholm
Financial Context
($1 = 9.5608 Swedish crowns)
Reporting and Editorial Credits
(Reporting by Ananya Palyekar in Bengaluru and Alexander Klyve Gudbrandsen in Gdansk; Editing by Mrigank Dhaniwala and Milla Nissi-Prussak)
