David Baazov’s ambitious plans to acquire former employer Amaya - the company he founded - appear to come to an abrupt end after separate announcements from the two parties.
In a brief press release, Amaya said simply that "discussions with its former chief executive officer, David Baazov, regarding the offer to acquire Amaya by an entity to be formed, have terminated.”
In a statement, Baazov said: "The decision to terminate my attempted acquisition of Amaya was not an easy one. I retained a full suite of advisors, arranged committed financing, and engaged in constructive negotiations with Amaya's board of directors. I submitted an unconditional, fully financed offer of $24 per share, higher than my original announced intention to submit a $21 per share offer.
"However, during the discussions 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."
Wishing friends and colleagues at Amaya continued success, Baazov added: "As the founder of Amaya this was not a decision I took lightly, as it was always my intent to arrive at an outcome that was in the best interests of all shareholders."
