Amaya Appoints Advisors

Amaya Appoints Advisors

Tuesday, 9 February 2016

Amaya Incorporated has announced that it has appointed Barclays Capital Canada and Toronto-based law firm Blake, Cassels And Graydon to evaluate any potential takeover offers.

The parent for major online casino and poker sites Full Tilt and PokerStars, Montreal-based Amaya made the revelation in a note issued to the media on Monday.

The announcement explained that Barclays Capital Canada is to act as Amaya’s ‘exclusive financial advisor’ in assessing the all-cash takeover proposal set to be made by David Baazov, who currently serves as the Canadian firm’s Chairman and Chief Executive Officer. The gaming firm’s head honcho issued a statement earlier this month that revealed he was in talks with a group of unnamed potential investors about tabling a bid that would value the gaming firm at 40 percent higher than its shares were worth on the Toronto Stock Exchange as of January 29.

“Amaya announced that the special committee of the board of directors of Amaya has appointed Barclays Capital Canada to act as its exclusive financial advisor in connection with the previously announced notice that Amaya has received from its Chairman and Chief Executive Officer, David Baazov, that he intends to make an all-cash proposal to acquire Amaya at a price estimated by Mr Baazov to be CAD$21.00 ($15.09) per common share,” read the note.

“Mr Baazov has indicated in a regulatory filing that he had recently begun preliminary discussions with a small number of potential investors and it was his intention, subject to certain contingencies, to submit a formal proposal at or about the end of February. Amaya has been notified that Amaya's Executive Vice-President, Corporate Development and General Counsel, along with three other employees, may be participating in Mr Baazov's potential transaction proposal.

“The special committee has neither received nor solicited a formal bid or offer related to a potential transaction and there can be no assurance that Mr Baazov's notice will result in a formal bid or offer or that any such bid or offer will ultimately result in a completed transaction.”

Baazov currently owns 24.6 million common shares of Amaya, which represents approximately 18.6 percent of its outstanding stock, and also holds an opportunity that could see him purchase up to 550,000 additional options.



Tags: Amaya Incorporated, David Baazov, Full Tilt, PokerStars, Barclays Capital Canada, Blake Cassels And Graydon, Toronto Stock Exchange