Evolution Board Opposes Candle Lake Cash Offer
1 
Evolution's Board of Directors has advised shareholders to reject a mandatory cash offer from Candle Lake Limited. The investment company has offered SEK 695 for each Evolution share.
Candle Lake submitted the offer on August 13, 2026, after increasing its ownership of Evolution to approximately 30.02%. Crossing the 30% threshold required the company to make an offer for the remaining shares under Swedish takeover rules.
Evolution's Board of Directors stated:
The offer does not reflect the fair market value of Evolution.
The board considered Evolution's current share price, financial position and expected future development. The offer was 5.7% below the closing share price of SEK 737.20 recorded on August 12, 2026.
Candle Lake has said the offer was made to meet its legal obligation and was not driven by an intention to acquire every outstanding share. It also does not currently plan major changes to Evolution's operations, management, employees or business strategy.
The acceptance period started on August 17, 2026, and is expected to end around September 15, 2026. If Candle Lake's ownership exceeds 90%, it could seek to take Evolution private and remove its shares from Nasdaq Stockholm.