David Baazov wants to buy Amaya

Amaya’s representatives would consider the offer.

Canada.- David Baazov, former CEO of Amaya issued yesterday a bid to acquire the company for US$2.56 billion. The businessman presented an indefinite paid leave of absence two months ago as the Canadian Justice began an investigation against his actions as chief executive officer of Amaya, the biggest online poker company that operates PokerStars and Full Tilt Poker.

Amaya revealed that will consider the major offer, as the acquisition may help the financial situation for next February’s scheduled payment set with Mark Scheinberg and his company, former owners of PokerStars. Baazov, who currently owns 17.2 percent of Amaya, offers to pay US$17.71 per common share and contribute with the US$147 million of the US$295 million that Amaya agreed to pay to Rational Group, ex operators of the biggest poker platform worldwide.

After Baazov’s announcement, Amaya’s US shares rise up 16.9 per cent at US$15.90 in premarket trading. The former CEO’s proposal represents a 30.9 percent premium offer on each share, as they are valued at US$13.52 last Friday. Furthermore, Amaya’s stock rose as much as 18.27 percent in Monday morning trading to US$15.99, still less than offered by Baazov.

According to Reuters, the equity portion of the deal would be US$4.1 billion and will be mostly financed by four funds, which have committed US$3.65 billion and Baazov’s shares. The businessman offer would be completely financed, and would not be subjected to financial conditions or due diligence.