Evolution AB Options Show Takeover Bets After Dart Bid

Options trading on Evolution AB indicates heavy bullish positioning in mid-October contracts, reflecting ongoing market speculation surrounding a mandatory buyout bid. The options activity follows a threshold-crossing stake purchase by U.S. billionaire Kenneth Dart.

Heavy Call Volume Focuses on SEK 910 Strike

Evolution AB options flow recorded 3,139 total contracts with a 2.58-to-1 call-to-put ratio, comprising 2,262 calls and 877 puts, even as the underlying stock dropped 3.22% to SEK 871.

Particular concentration centered on the Oct. 16, 2026 SEK 910 call option, which absorbed 1,014 contracts against a prior open interest of just 2 contracts. This striking contract sits just above Evolution AB's 52-week high of SEK 911, indicating traders are positioning for a potential bump in valuation.

Mandatory Bid Rules and Stake Crossing

The options surge ties directly to corporate developments involving Dart's investment vehicle, Candle Lake. According to an Investing.com report, Candle Lake crossed Sweden's statutory 30% ownership threshold after accumulating a 33.8% stake in the live-casino supplier.

Under Swedish takeover regulations, crossing the 30% ownership mark triggers a mandatory bid rule. This statutory mechanism requires the acquiring party to launch a formal buyout offer for the remaining shares of the target company within a specific timeframe, ensuring minority shareholders have an exit opportunity at a fair price.

Nasdaq Stockholm Places Stock Under Observation

Following Candle Lake's announcement of a mandatory takeover offer to remaining shareholders, MarketScreener reports that Nasdaq Stockholm placed Evolution AB under observation status.

Observation status is a protective measure implemented by exchanges to alert investors that a listed company is undergoing unusual or significant corporate events, such as a pending ownership restructuring or a formal takeover bid that could substantially alter its public float and market structure.