Amaya appoints Barclays Capital to review Baazov bid

baazov

Toronto listed Amaya Inc has confirmed the appointment of Barclays Capital Canada to act as corporate financial advisor with regards to the CAD $2.8 billion (£1.4 billion) management buyout proposed by CEO David Baazov.

On 1 February Amaya governance confirmed that it had set up an independent committee to asses Baazov’s takeover proposal. The buyout proposal sees Baazov aim to take Amaya private less than two years after Amaya leveraged a $4.9 billion takeover of Rational Group (PokerStars and Full Tilt).

Canadian news sources have reported that David Baazov who owns 18.6% of Amaya equity will be backed by four unnamed Amaya senior executives.

Barclays Capital with the assistance of Canadian law firm Blake, Cassels & Grayden will now review the bid submitted by Baazov and his advisors. Baazov has hired Deutsche Bank and Goldman Sachs to act as his advisors in the takeover bid. Amaya continues to stress to its shareholders that there is no guarantee that Baazov will submit a formal bid.

At present little is known with regards to Baazov’s future plans for Amaya should his proposed buyout be successful.

Amaya’s share price closed at CAD $18.5 on yesterday’s TSX exchange.

 

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