Monday, November 14, 2016

Former CEO of Amaya makes all cash bid for the company

Seeking Alpha:

Amaya Inc. (AYA) 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 CAD$24.00 per common share. Amaya also confirms that the offer provides for a USD$200 million 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 fund a portion of the USD$400 million 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. 

At the current exchange rate between the US and Canadian dollar that would be about $17.50 per share. The shares are up this morning but we will have to wait and see if this deal is legit or not. 

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