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David Baazov trying to buy-out Amaya, offers 40% premium on current stock price

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Garfed   Malta. Feb 03 2016 21:55. Posts 4818

In a note sent to the media on Monday, Amaya Inc. Chief Executive Officer David Baazov announced the plan to acquire the full ownership of the company that owns PokerStars and Full Tilt!

Baazov is said to have partnered with a group of unnamed investors who have prepared a C$21 ($14.98) offer per share, which is around 40% premium on current market prices.

At the moment of writing this news Baazov already owns 24.6 million common shares of Amaya — approximately 18.6% of all shares — and has an open option to buy 550,000 more shares.

It's been less then two years after Amaya bought PokerStars and Full Tilt from the Rational Group for $4.9 billion and in that time the shares price has fallen dramatically.

"The board of directors of Amaya has established a special committee of independent directors to review any proposal that may be forthcoming, as well as other alternatives that may become available to Amaya," the note continued. "Amaya's Lead Independent Director, Dave Gadhia, will chair the special committee."
However, Amaya also explained that "as of the time of this release, the special committee has neither received nor solicited a formal bid or offer related to a potential transaction and there can be no assurance that Mr. Baazov's intention will result in a formal bid or offer or that any such bid or offer will ultimately result in a completed transaction."


French businessman Alex Dreyfus also published a note and explains his view on the possible acquisition: "The acquisition of Pokerstars by Amaya in 2014 was a debt-backed operation. While the company is leading the poker market with more than 70 percent market-share, the growth of revenues and the ability to innovate have been limited because the priority was to pay back the debt and to please the analysts," Drefyus commented.

"Paying back the debt was fine and the company is in a very good position to do so, but providing growth and satisfying public shareholders and analysts, is sometimes an opposite goal. Innovation and growth need investment and taking risks. It was impossible to develop a long-term strategy, everything was focused on Q1, Q2, Q3 and Q4," Dreyfus continued. "The management was not driven by a long-term approach, but by short-term return. It was frustrating. It was legit, but [this] doesn't help poker and those who love [the] industry."[/i]

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 Last edit: 03/02/2016 21:55

LemOn[5thF]   Czech Republic. Feb 04 2016 00:35. Posts 15163

Yeah of course
The question is what experiments would he go for

93% Sure!  

austrian oak   Belgium. Feb 04 2016 12:21. Posts 520

Valor pleases you, Crom... so grant me one request. Grant me revenge! And if you do not listen, then to HELL with you! 

Highcard   Canada. Feb 04 2016 17:08. Posts 5428

sounds interesting

I have learned from poker that being at the table is not a grind, the grind is living and poker is how I pass the time 

TimDawg    United States. Feb 04 2016 19:17. Posts 10197

can't get any worse, right?

online bob is actually a pretty smart person, not at all like the creepy fucker that sits in the sofa telling me he does nasty shit to me when im asleep - pinball 

 



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