David Baazov, the founder and former CEO of Amaya, is walking away from his bid to acquire the Montreal gaming company.
Baazov had proposed buying out other shareholders of Amaya Inc. for $24 per share.
But he says it became clear during discussions that the share price premium some shareholders wanted exceeded what he and his investors were willing to offer.
As recently as Nov. 25, Baazov said in a U.S. regulatory filing that he had $3.45 billion US in committed financing for a takeover of Amaya, which owns PokerStars and other online casino games.
Baazov, who owns about 17 per cent of Amaya stock, had first indicated his plan to take Amaya private early this year before Quebec's securities regulator laid five charges against him in March, including communicating privileged information.
He has pleaded not guilty to all the charges and the case is currently before the courts.