Amaya Inc CEO David Baazov has announced his intention to acquire PokerStars in a cash transaction as per Amaya press release:
Amaya Inc. (NASDAQ: AYA; TSX: AYA) confirmed today that it has received a non-binding indication from its Chairman and Chief Executive Officer, David Baazov, that he intends to make an all-cash proposal to acquire Amaya at a price currently estimated by Mr. Baazov to be C$21.00 per common share. The board of directors of Amaya has established a special committee of independent directors to review any proposal that may be forthcoming, as well as other alternatives that may become available to Amaya. Amaya’s Lead Independent Director, Dave Gadhia, will chair the special committee.
As the offer is non-binding, there is no guarantee that the deal will go through
As of the time of this release, the special committee has neither received nor solicited a formal bid or offer related to a potential transaction and there can be no assurance that Mr. Baazov’s intention will result in a formal bid or offer or that any such bid or offer will ultimately result in a completed transaction.
PokerStars and Amaya have been in the middle of turmoil from poker players worldwide as they announced drastic changes to their VIP program, effective January 1st.
Read the entire press release here: AMAYA CONFIRMS NON-BINDING INDICATION FROM CEO OF INTENTION TO MAKE ALL-CASH PROPOSAL TO ACQUIRE COMPANY; ANNOUNCES FORMATION OF INDEPENDENT SPECIAL COMMITTEE
TwoPlusTwo poker forums picked up the news immediately and are speculating on what this move means. You can follow the discussion in the thread David Baazov (Amaya CEO) registers notice of intent to bid for acquisition of Amaya (PokerStars).
