AMAYA CONFIRMS BAAZOV OFFER TO PURCHASE (Update)
Former CEO puts his money where his mouth is.
Amaya Inc. confirmed receipt of a non-binding all cash offer from former chief executive officer David Baazov to acquire the company.
The offer of CAD$24.00 per common share was confirmed in a press release late Monday, detailing the inclusion of a USD$200 million deposit into escrow upon execution of a definitive agreement in respect of a potential transaction.
The deposit 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 Amayas acquisition of the Rational Group in August 2014, and be convertible into equity following the closing of a potential transaction.