David Baazov, the former chief executive of the Montreal, Canada-based online gaming company Amaya, which owns the PokerStars brand, has made a CA$3.48bn offer to buy the company.
Baazov left his position with the gaming giant earlier this year after accusations of insider trading relating to the 2014 deal that saw Amaya acquire PokerStars parent Olford Group for US$4.9bn.
As the former CEO continues to fight the case being brought by the Canadian securities authority, he has found time to put together a CA$24-per-share offer that is 30 per cent more than Amaya’s Friday closing price of CA$18.34.
Baazov, who retains a 17.2 per cent stake in Amaya, said he has secured CA$3.65bn backing from four investment funds in a bid to take the firm back into private ownership.
Amaya, the subject of a recent failed takeover attempt from William Hill, is yet to comment on the approach from Baazov. However, after the William Hill talks came to a halt last month, Amaya said at that time it had concluded that remaining as an independent publicly-traded corporation “best positions Amaya to deliver long-term shareholder value.”
Whether Baazov’s overtures will be any more warmly received remains to be seen.
