RE:BAAZOV OFFERS TO BUY AMAYA FOR C$24.00/SHARE Amaya receives $24-per-share offer from former CEO
Amaya Inc (C:AYA)
Shares Issued 144,960,677
Last Close 11/11/2016 $18.34
Monday November 14 2016 - News Release
An anonymous director reports
AMAYA CONFIRMS NON-BINDING ALL CASH OFFER FROM FORMER CEO TO ACQUIRE COMPANY
Amaya Inc. confirmed today that it has received a non-binding all-cash offer from its former chief executive officer, David Baazov, on behalf of an entity to be formed to acquire Amaya at a price of $24 per common share. Amaya also confirms that the offer provides for a $200-million (U.S.) deposit into escrow upon execution of a definitive agreement in respect of a potential transaction that would be converted into a one-year structurally subordinated, interest-bearing debt obligation to finance a portion of the $400-million (U.S.) deferred purchase price for Amaya's acquisition of the Rational Group in August, 2014, such amount to be convertible into equity following the closing of such potential transaction.
The board of directors of Amaya, with the assistance of its advisors, will consider Mr. Baazov's offer. Shareholders of Amaya do not need to take any action with respect to any offer at this time. Amaya intends to provide updates if and when necessary in accordance with applicable securities laws.
As of the time of this release, there can be no assurance that Mr. Baazov's offer or that any future bid or offer will ultimately result in a completed transaction.
About Amaya
Amaya is a leading provider of technology-based products and services in the global gaming and interactive entertainment industries. Amaya ultimately owns gaming and related consumer businesses and brands including PokerStars, Full Tilt, BetStars, StarsDraft, PokerStars Casino and the PokerStars Championship and PokerStars Festival live poker tour brands (incorporating the European Poker Tour, PokerStars Caribbean Adventure, Latin American Poker Tour and the Asia Pacific Poker Tour). These brands have more than 105 million cumulative registered customers globally and collectively form the largest poker business in the world, comprising online poker games and tournaments, live poker competitions, branded poker rooms in popular casinos in major cities around the world, and poker programming created for television and online audiences. Amaya, through certain of these brands, also offers non-poker gaming products, including casino, sportsbook and daily fantasy sports. Amaya, through certain of its subsidiaries, is licensed or approved to offer, or offers under third party licenses or approvals, its products and services in various jurisdictions throughout the world, including in Europe, both within and outside of the European Union, the Americas and elsewhere. In particular, PokerStars is the world's most licensed online gaming brand, holding licenses or related operating approvals in 16 jurisdictions.