Despite having to give up his position as the CEO of Amaya, David Baazov apparently hasn’t given up on his plans to purchase the company. While this was original Baazov’s plan, it started to seem unlikely after the former CEO was implicated in the insider trading scandal. However, Baazov has come out with an official bid for the company, offering C$24 per share.
The Baazov’s offer is, in fact, a very generous one, given the fact Amaya shares were at C$18.34 when the stock market closed on Friday. According to the former CEO’s statement, he’s been able to secure significant funding for his endeavor, to the tune of $3.65 billion. Baazov apparently made contact with four separate investing funds, all of which have demonstrated the interest in backing the purchase.
Confirmation from Amaya
The Canadian gambling giant confirmed this news was true, as they verified they’ve received an offer from Mr. Baazov and are currently in the process of evaluating it. Back in February, when Baazov first declared his intentions, the company had set up a special board to deal with acquisition offers and this board, as well as the Board of Directors, will review the details of the offer.
Baazov Demonstrating His Business Acumen Again
Although a subject of the Canadian AMF investigation, David Baazov continues to impress with his business skills. It seems the former Amaya CEO is particularly competent in acquiring business investments from various funds and entities.
To remind you, it was none other than Baazov who managed to secure the necessary funding for Amaya to purchase PokerStars, the biggest online poker site on the planet. This move really put the Canadian company on the map, making it a truly important player in the industry.
However, the big purchase did not come without certain suspicions, as the AMF launched an investigation in Baazov and several other individuals, alleging use of confidential information to influence the price of the company’s shares.
Although Baazov stepped away from his position as the CEO and the Chairman of the company not long after these allegations first emerged, he kept his 17.2% share in the company and announced his initial plans to purchase the entirety of Amaya shares did not change. Although the media may have had certain doubts about this statement, it is now clear that Baazov meant every word. He is fully intent on acquiring Amaya, provided the Board of Directors gives their blessing.