FINWIRES · TerminalLIVE
FINWIRES

Candle Lake Makes SEK132 Billion Play for Evolution

By
Candle Lake Makes SEK132 Billion Play for Evolution

Cayman Islands-based investor Kenneth Dart's Candle Lake on Thursday launched a mandatory cash takeover offer for Evolution (EVO.ST) at 695 kronor per share, valuing the Swedish online gambling company at 131.7 billion kronor.

The mandatory public offer was triggered after the investment vehicle recently acquired 2,050,000 Evolution shares, raising its direct stake to 30.02%.

The offer price reflects a 5.7% discount to the Wednesday closing price of 737.2 kronor, and a 3.3% discount to the volume-weighted average trading price of 718.8 kronor for the 20 days up to Wednesday.

However, the offer represents a 1.6% premium to the volume-weighted average trading price of 683.8 kronor for the 20 days up to July 24, which was the last trading day before the bidder was obligated to make a mandatory offer.

The acceptance period would run from Aug. 17 through Sept. 15. Under Nasdaq Stockholm's takeover rules, Evolution's board is required to disclose its opinion on the offer no later than two weeks before the expiry of the acceptance period.

The investment vehicle would launch compulsory redemption proceedings to acquire all remaining Evolution shares and seek to delist the company from Nasdaq Stockholm if it acquires more than 90% of Evolution's shares at the end of the offer period.

Evolution's stock edged down during early trading in Stockholm.

Related Articles

Japan's Factory-Gate Inflation Remains Near Three-Year High in July, Adding Pressure on BOJ
US Markets

Japan's Factory-Gate Inflation Remains Near Three-Year High in July, Adding Pressure on BOJ

Japan's producer prices rose 7.2% year over year in July, missing the 7.4% increase forecasted by markets and slowing slightly from the revised 7.3% growth recorded in June.The June increase marked the fastest pace in over three years.On a month-on-month basis, the producer price index increased 0.1%, coming down from a revised 0.5% rise in the prior month, the Bank of Japan said in a Thursday release.Despite the slightly softer headline figures, factory-gate prices in Japan remained elevated, adding pressure on the Bank of Japan to raise rates. In its latest summary of opinions, the BOJ signaled that persistent cost pressures, delayed impacts from U.S. tariffs, and ongoing risks from commodity and food price volatility keep the possibility of future interest rate hikes firmly on the table.The central bank recently kept its interest rate on hold at a three-decade high of 1%, citing the need to support moderate economic growth amid external uncertainties. However, officials continue to monitor underlying inflation trends closely as they edge toward the 2% target.Higher utility costs, including electricity, gas, and water, were the biggest contributor to the PPI in July, adding 0.23% to the index.The BOJ is set to publish consumer inflation data for July next week. In June, the annual headline consumer inflation accelerated to a six-month high of 1.7% from 1.5% in May.

Nikkei 225
ANZ Posts Higher Profit Helped by Low Bad Debt Charges; Mortgage Applications Drop
US Markets

ANZ Posts Higher Profit Helped by Low Bad Debt Charges; Mortgage Applications Drop

ANZ Group (ASX:ANZ, NZE:ASX) on Thursday reported a third-quarter cash profit higher than last year, helped by lower bad-debt deductions, while the bank, like its peers, saw a significant drop in mortgage applications after Australia's property tax policy shift.The bank's cash profit in the third quarter rose 2% to AU$1.9 billion, with operating income falling 1% to AU$5.61 billion.The dual-listed bank reported total capital of AU$98.36 billion, down from AU$96.83 billion, while Common equity tier 1, a measure of the bank's safety cushion, rose to AU$59.31 billion from AU$56.94 billion.Similar to its peers like Westpac and Commonwealth Bank of Australia, ANZ reported a 12% drop in new home loan applications between the Australian federal budget announcement in May and the end of July.Jefferies noted that the bank's cash profit is less flattering due to "very low" bad debt deduction charges in the quarter, hence making the profit less reflective of the bank's underlying business.The investment firm believes that fewer revenue tailwinds remain available to the bank and controlling expenses now becomes the main way for it to improve earnings.Jarden also said that Australian banks have a "cost problem," which can be helped by ANZ's acquisition of Suncorp, while adding that the bank is also expected to outperform peers if the favorable debt cycle comes to an end due to its asset quality.

ASX:ANZNZE:ANZ
Hindustan Aeronautics' Quarterly Profit Rises 15% on Higher Revenue
US Markets

Hindustan Aeronautics' Quarterly Profit Rises 15% on Higher Revenue

Hindustan Aeronautics (NSE:HAL, BOM:541154) reported a 14.9% year-over-year jump in attributable net profit in the fiscal first quarter ended June 30 on the back of higher revenue.Profit attributable to shareholders jumped to 15.9 billion rupees from 13.8 billion rupees a year earlier, with earnings per share also rising to 23.77 rupees from 20.69 rupees, according to an Indian bourse filing on Thursday.The company designs, manufactures and overhauls military aircraft, helicopters, unmanned aerial vehicles, jet and turbine engines, among others.Revenue from operations climbed 14.4% to 55.2 billion rupees from 48.2 billion rupees a year earlier, while other income edged up to 9.0 billion rupees from 7.47 billion rupees.The filing did not specify the drivers behind the revenue jump.On the cost side, net expenses ballooned to 42.9 billion rupees from 37.2 billion rupees as the surge in costs related to employee benefits offset the slimmer spending on the cost of materials consumed during the quarter.The company attributed the increase in labor costs to revised gratuity ceiling for officers and workmen, which added 23.7 million rupees to costs in the quarter after Industrial Dearness Allowance crossed 51.8%.Hindustan Aeronautics' board recommended a final dividend of 10 rupees per share for the fiscal year 2025-2026, subject to shareholder approval. The company paid an interim dividend of 35 rupees per share for the previous fiscal year.

BOM:541154NSE:HAL