Evolution’s board recommends shareholders reject Candle Lake’s mandatory cash offer. The Evolution Candle Lake offer is SEK 695 per share. The board says this does not reflect the company’s fair market value.

• The SEK 695 (ca EUR 63) offer is 5.7% below Evolution’s SEK 737.20 (ca. EUR 66) closing price on 12 August. It is also 3.3% below the 20-day volume-weighted average price at that date. The offer was announced on 13 August.
• Candle Lake made the mandatory offer after its Evolution holding reached around 30.02%. This took it above Sweden’s mandatory bid threshold. Candle Lake has said it does not intend to acquire all remaining shares through the Evolution Candle Lake offer.
• Evolution’s board considered the company’s share price, financial position and future development. It concluded that SEK 695 does not reflect fair market value. The board therefore recommends shareholders reject the offer.
• The acceptance period is expected to end around 15 September 2026. Candle Lake currently plans no material changes to Evolution’s operations, management or employees.

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