Kenneth Dart triggers mandatory bid for Evolution AB

On Friday 24 July 2026 US investor Kenneth Dart crossed the 30 percent threshold in Evolution AB through physical share purchases at SEK 687.80–701.00 per share, triggering Sweden's mandatory bid rule (budplikt). Since late March Dart had held more than 30 percent economic exposure through swap agreements without triggering the obligation. He now has four weeks either to launch a mandatory offer to the company's roughly 74,000 shareholders or to sell back below the threshold. Based on the minimum required price (the highest price paid in the preceding six months), such an offer would be worth around SEK 137–139.5 billion — one of the largest mandatory bids in the history of the Stockholm exchange. Second source: MarketScreener, 24 July 2026. Update (13 August 2026): On 13 August 2026 Candle Lake published the formal mandatory offer of SEK 695 in cash per share. Based on all 189,447,977 outstanding shares, the offer values Evolution at around SEK 131.7 billion, below the range previously reported on the basis of the minimum required price. The price matches the closing price of 24 July 2026 and represents a premium of 1.6% over the volume-weighted 20-day average up to that day, but also a discount of 5.7% to the closing price of SEK 737.20 on 12 August 2026. Candle Lake states that it holds 59,798,619 shares, or around 31.56% of the votes. The offer document is expected to be published on or around 14 August 2026, with the acceptance period expected to run from around 17 August to around 15 September 2026; completion is conditional solely on the necessary regulatory clearances (source: Candle Lake Limited press release via Cision, 13 August 2026). Update (16 September 2026): The mandatory offer has closed — only 111,716 shares (about 0.06% of capital and votes) were tendered; Candle Lake therefore still holds about 59.9 million shares or 31.6% (around 33.8% economic exposure including total return swaps). The offer is unconditional and completed, settlement starts around 23 September 2026; Dart does not obtain a controlling majority (Placera, 16 September 2026).