• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Amaya founder withdraws bid to take firm private

Dec 21, 2016 Newsdesk Latest News, Top of the deck, World  


Amaya founder withdraws bid to take firm private

Amaya Inc, owner of online gaming brands PokerStars and Full Tilt Poker, on Tuesday confirmed that discussions with its former chief executive, David Baazov (pictured), regarding the offer to acquire Amaya “have terminated”.

Mr Baazov – who currently has a 17 percent stake in Amaya – wanted to take the Toronto-listed Amaya private. In November, Mr Baazov and his financial backers offered an all-cash CAD3.5-billion (US$2.6-billion) deal, proposing to pay CAD24 per common share. The group had also offered to buy US$1.15 billion of Amaya’s convertible preferred shares and assume US$2.55 billion of debt.

In a statement issued on Tuesday, Mr Baazov said the decision to terminate the attempted acquisition of Amaya “was not an easy one”.

“During the discussions it became evident that the share price premium demanded by certain shareholders exceeded the price at which my investors and I would be willing to complete a transaction,” stated Mr Baazov. “After consulting with my advisors, I determined that the best course of action for me and Amaya would be for me to end my attempt to purchase the company,” he added.

Mr Baazov had made a similar offer in February 2016 to take the firm private for CAD2.8 billion. That deal fell through however when he was charged in March by Quebec’s provincial securities regulator with exchanging insider information, resulting in his taking a leave of absence as CEO.

In 2014 Amaya paid US$4.9 billion to acquire Oldford Group Ltd, parent company of the Rational Group Ltd, which operates PokerStars and Full Tilt Poker.


  • tweet
Related articles
  • Tak Chun CEO Levo Chan primed for Macau Legend board
    Tak Chun CEO Levo Chan primed for Macau...

    Nov 09, 2020  

  • Eldorado, Caesars complete US$17bln merger
    Eldorado, Caesars complete US$17bln...

    Jul 21, 2020  

More news
  • Sands China to pay US$2.4mln tax re Gondola Ride: court
    Sands China to pay US$2.4mln tax re...

    Mar 04, 2021  

  • A fresh US$2-bln casino project proposed for Vietnam
    A fresh US$2-bln casino project...

    Mar 04, 2021  


Latest News

Sands China to pay US$2.4mln tax re Gondola Ride: court

Sands China to pay US$2.4mln tax re Gondola Ride: court

Mar 04, 2021  

Macau’s Court of Second Instance has upheld decisions by a public department in the city, ordering casino operator Sands China Ltd to pay a total of MOP18.9 million (US$2.4 million) in tourism tax...
Read More
A fresh US$2-bln casino project proposed for Vietnam

A fresh US$2-bln casino project proposed for Vietnam

Mar 04, 2021  

LVS plans to keep U.S. base, stock listing: spokesman

LVS plans to keep U.S. base, stock listing: spokesman

Mar 04, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Asia remains the backbone of this company and our developments in Macau and Singapore are the centre of our attention”

Robert Goldstein

Chairman and chief executive of casino operator Las Vegas Sands



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us