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MONTREAL –(Canadian Press) - David Baazov, the founder and former CEO of Amaya, is walking away from his bid to acquire the Montreal gaming company.
Baazov had proposed buying out other shareholders of Amaya Inc. (AYA.TO 0.05%) for $24 per share.
But he says it became clear during discussions that the share price premium some shareholders wanted exceeded what he and his investors were willing to offer.
"During the discussions [with Amaya's board of directors] it became evident that the share price premium demanded by certain shareholders exceeded the price at which my investors and I would be willing to complete a transaction. After consulting with my advisors, I determined that the best course of action for me and Amaya would be for me to end my attempt to purchase the Company," he said.
As recently as Nov. 25, Baazov said in a U.S. regulatory filing that he had US$3.45 billion in committed financing for a takeover of Amaya, which owns PokerStars and other online casino games.
Baazov, who owns about 17 per cent of Amaya stock, had first indicated his plan to take Amaya private early this year before Quebec's securities regulator laid five charges against him in March, including communicating privileged information.
He has pleaded not guilty to all the charges and the case is currently before the courts.
