Baazov ends talks to acquire Amaya

amaya

Baazov confirmed yesterday that he decided to back off the offer.

The former CEO of Amaya announced that he’s walking away from his bid to purchase the gaming company.

Canada.- David Baazov, former CEO of Amaya, issued a bid on November to purchase the poker operator, owner of PokerStars and Full Tilt Poker, for US$2.5 billion. He confirmed yesterday that he decided to back off the offer.

“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,” Baazov said. On the other hand. the company released a statement that confirmed the decision: “Amaya Inc. confirmed today that discussions with its former Chief Executive Officer, David Baazov, regarding the offer to acquire Amaya by an entity to be formed, have terminated.”

The former CEO said that the premium demanded by certain shareholders exceeded the price at which his investors and him would be willing to complete a transaction. During an interview with The Globe and Mail, an analyst with Veritas Investment Research Corp., Dimitry Khmelnitsky, said that the possible purchase of the company was alienating key investors.

The businessman presented an indefinite paid leave of absence three months ago after the Canadian Justice began an investigation against his actions as chief executive officer of Amaya. Despite the accusations, none of the charges have been proven in court yet.