Amaya CEO Baazov Puts In Bid To Buy Company
The CEO of Amaya Gaming David Baazov is looking to bid to take the company private according to reports. Baazov is planning a bid of C$2.8 b for the world’s largest online poker company.
In a statement Amaya confirmed that Baazov and a group of investors had put in an offer to buy the company for a share price of $15. The timing of the offer comes at a time when Amya’s share price has fallen sharply since their high of $38 back in August 2014 when they acquired PokerStars and Full Tilt. Added to this is the lawsuit in Kentucky where they were hit with a $870 million verdict against the company for losses incurred by players in the state between the years 2006 and 2011.
The motives behind Baazov’s bid are interesting, some see it as a way to stop the bleeding and give the impression that he believes in the company and is prepared to put his money where his mouth is.
Baazov owns around 18.6 percent of the outstanding shares of Amaya and has the option to buy an additional 550,000 shares. Amaya in a statement were quick to confirm they have received a “nonbinding indication” from Baazov and said that a special committee had been setup to reviews “any proposal forthcoming as well as other alternatives that may become available to Amaya”.