Former CEO Of Poker Giant's Parent Company Makes Buyout OfferOffer From David Baazov Is Worth $3.5 Billion |
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The parent company of PokerStars, the largest poker site in the world, has received a takeover offer from its former CEO, David Baazov.
According to a report from Reuters, the bid to take Amaya private is valued at about $3.5 billion, which was a 30-percent premium on the company’s share price at the end of last week.
Baazov resigned from all positions with the company in August, months after he was accused of insider trading by a Canadian regulator. Baazov pleaded not guilty to the charges stemming from the alleged use of privileged information when trading company shares between December 2013 and June 2014. The case is still pending.
Baazov already owns more than 17 percent of Amaya.
“I am proud of my contributions in building Amaya into the successful company it is today, and continue to be supportive of its strategy and management,” Baazov said in a statement after leaving the company.
Amaya controls roughly 70 percent of the worldwide real-money online poker market.
The bid from Baazov comes about a month after merger discussions between Amaya and rival William Hill fell through. Bloomberg had pegged Amaya’s value at $2.6 billion.
“There can be no assurance that Mr. Baazov’s offer or that any future bid or offer will ultimately result in a completed transaction,” Amaya said Monday.
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