03/30/2012 : CRYPTOLOGIC ACQUISITION LATEST (Update)
 
Amaya gains support from shareholders and extends offer to April 18
 
The acquisition of industry software veteran Cryptologic by the Montreal-based Amaya Gaming may be taking some time, but progress is being made, according to a statement released by the two companies Thursday, which reveals that the offer has been extended again to April 18, and that it is wholly unconditional.
 
Amaya has now advised that by Wednesday it had received valid acceptances which will give the Montreal company control over 11,171,318 shares, representing approximately 80.79 percent of the issued share capital of CryptoLogic.
 
The acceptances are detailed by Amaya as a total of 10,199,689 CryptoLogic shares representing approximately 73.76 percent of the issued share capital of CryptoLogic and approximately 79.34 percent of CryptoLogic shares to which the Offer relates.
 
CryptoLogic Shares in respect of which valid acceptances have been received and which may now be counted towards the acceptance condition include (i) acceptances received in respect of 11,000 CryptoLogic shares (representing approximately 0.08 per cent. of the issued share capital of CryptoLogic) which were subject to irrevocable undertakings received from the CryptoLogic directors and (ii) acceptances received in respect of 2,048,580 CryptoLogic shares (representing approximately 14.82 percent of the issued share capital of CryptoLogic) which were subject to undertakings received from Jemekk Capital Management Inc., Birkenshaw & Company Ltd. and K2 & Associates Investment Management Inc.