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Amaya receives cash offer from former CEO to acquire company
(PRESS RELEASE) -- Amaya confirmed today that it has received a non-binding all cash offer from its former Chief Executive Officer, David Baazov, on behalf of an entity to be formed to acquire Amaya at a price of CA$24.00 per common share.
Amaya also confirms that the offer provides for a US$200 million deposit into escrow upon execution of a definitive agreement in respect of a potential transaction that would be converted into a one-year structurally subordinated, interest bearing debt obligation to fund a portion of the US$400 million deferred purchase price for Amaya's acquisition of the Rational Group in August 2014, such amount to be convertible into equity following the closing of such potential transaction.
The Board of Directors of Amaya, with the assistance of its advisors, will consider Mr. Baazov's offer. Shareholders of Amaya do not need to take any action with respect to any offer at this time. Amaya intends to provide updates if and when necessary in accordance with applicable securities laws.
As of the time of this release, there can be no assurance that Mr. Baazov's offer or that any future bid or offer will ultimately result in a completed transaction.
Amaya receives cash offer from former CEO to acquire company is republished from Online.CasinoCity.com.