I was going to say that Kentsu certainly has enough money for this, but then I started calculating and realized that it might not be enough on his own. According to Bloomberg’s billionaire list, Kentsu would have assets of $12.2 billion. His Flutter holdings would account for roughly $3.84 billion (with a 20% stake!). In Evo, he would have approximately $3 billion tied up with a 23.4% stake.
Jens von Bahr and Fredrik Österberg reportedly have $1.1 billion each according to Forbes (perhaps more accurately, combined, based on Österbahr Ventures’ holdings?). Of course, they also have a good amount of Evo in their portfolios, just like Kentsu. However, it’s common to pay some premium in tender offers, and even with Evo’s current valuation ($12.8 billion), Kentsu’s assets wouldn’t be enough to buy Evo alone, and he probably doesn’t want to tie up all his wealth in one company. It’s worth noting that not all assets are likely in a very liquid form.
Perhaps some M&A guru could explain whether such financing is still possible today, at least through banks. Would a Leveraged Buyout be feasible? I personally would rather see some corporate arrangement between Flutter and Evo, which would, however, be uncharacteristic for Kentsu. Who knows 
, I only hope that there won’t be another “national pride heist” at a bargain price, as happened with Swedish Match.
The market values used in the calculations are taken from Nordnet; there may be errors in the calculations, DYOR, I am not a guru in any field, and so on. The website evomonthly.com also had some quite well-written content related to this. I’ve summarized what I believe are the most interesting points from the long text using AI:
In Sweden, a large owner (e.g., ~25%) typically participates in the nomination committee and influences the composition of the board. Kenneth Dart has not done this, despite being the largest owner in Evolution AB. He has not participated in the nomination committee nor proposed members. In Sweden, a mandatory tender offer must be made when ownership reaches 30%. Dart’s typical modus operandi is to influence indirectly, and he does not want to be involved operationally.