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Amaya’s former CEO David Baazov makes $3.5-billion takeover bid

16-11-2015 WORLD NEWS

Amaya Inc.’s former chief executive officer put forward a $3.5-billion takeover proposal for the online gambling company, backed by four overseas investment firms.

The $24-per-share offer led by David Baazov – a premium of 30.9 per cent to Amaya’s closing price – comes more than nine months after he first announced his intention to take the company private. But the former executive’s legal troubles stand as a potential obstacle to completing the deal.

Unlike Mr. Baazov’s approach earlier in the year, this one is financed. The proposed acquisition of Amaya is backed by $3.65-billion in financing from four separate funds: Head and Shoulders Global Investment Fund SPC of Hong Kong, Goldenway Capital SPC of Hong Kong, Ferdyne Advisory Inc. of the British Virgin Islands and Dubai-based KBC Aldini Capital Ltd.

Mr. Baazov already owns 17.2 per cent of Amaya (once all options are exercised). But the former executive faces criminal charges of illegal insider trading laid earlier this year by Quebec’s securities watchdog, the Autorité des marchés financiers (AMF). He has pleaded not guilty, and he resigned the last of his positions with the company in August, four months after he took a paid leave to fight the AMF charges.

While the stock increased 14.4 per cent Monday, it closed more than $3 below the offer price, suggesting some skepticism over whether the deal will go through.

На фото: Amaya’s former CEO David Baazov


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