Baazov submits takeover proposal for Amaya Inc

Toronto (TSX) listed operator Amaya Inc has today issued a corporate statement detailing that current CEO and Chairman David Baazov has submitted an all-cash deal to takeover the company.

Amaya’s Board of Directors will now create a special independent committee to review the forthcoming proposal by Baazov which is estimated to be offering CAD $21 (£10-11) per common share, representing a 40% premium on Fridays TSX closing price.

The special committee will be headed up by Amaya Inc, lead Independent Director David Gadhia. Amaya told its shareholders that at present no formal talks had been held between stakeholders, and that the company needed no actions from its investors.

Bloomberg news reports that Baazov who completed the $4.9 billion acquisition of Rational Group (PokerStars and FullTilt Poker) in June 2014, currently owns + 24.5 million common shares of the company, representing a 18.6% of corporate equity.

The 2014 acquisition of Rational Group brands had catapulted Amaya Inc share price from $7 to $38 peak (November 2015), Baazov who leveraged Blackstone GSO as deal investors, was reported to have earnt $800 million in the deal