MONTREAL – Shares of Amaya Inc. dipped before markets opened Wednesday morning carrying out a special committee appointed to supervise a possible buyout by CEO David Baazov stated it hasn’t yet received his formal offer, though he’d announced his intention to produce one sometime over the end of February.
By 10:53 a.m. the stock fell 3.92 percent to $19.11, underneath the $21 per common share offer a quantity of investors led by Baazov proposed to privatize the gambling internet company on January 31.
The special committee of independent directors says it’s implemented restrictions on Baazov’s management considering his potential offer.
“The few suggestions here connect with, amongst other things, treating confidential information, transactions away from ordinary length of business, and communication with employees and external parties,” the Pointe-Claire, Que.-based company wrote in a news release Wednesday.
Based on Amaya’s basic share count, the proposed offer values the business at approximately $2.8 billion, reduced of around 40 percent of the value before Baazov’s announcement. Baazov owns 18.6 % within the company’s stock.
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The committee has appointed Barclays Capital Canada Inc. to behave as financial adviser to assist in considering any proposals, along with other alternatives that may become open to Amaya.
So far, the company says it isn’t received offers in the other party.
In late February, London’s Sunday Times reported that Playtech PLC was considering a deal for your Canadian gambling company.
Playtech, which is situated in Isle of individual which is run by Israeli billionaire Teddy Sagi, has about 800 million pounds ($1.6 billion) in cash which is trying to find acquisitions. The times said Playtech’s top target is OpenBet, a gambling software firm located in London, but that Amaya could be a possible target too.
PokerStars holds approximately two-thirds business and Amaya’s poker revenues in 2014 were more than 12 times that regarding its closest competitor.
Amaya states that cellular the chance offer, it won’t be providing 2016 financial guidance when it releases its Q4 2015 financial results on March 14.
Financial Post, with files from Peter Koven
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