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Amaya Inc restricting confidential information to CEO David Baazov as it awaits buyout offer

Amaya says it is has not received a formal offer from CEO David Baazov, though he had announced his intention to make one by the end of February.

MONTREAL – Shares of Amaya Inc. dipped before markets opened Wednesday morning after the special committee appointed to supervise a potential buyout by CEO David Baazov said hello has not yet received his formal offer, though he had announced his intention to create one sometime round the end of February.  

By 10:53 a.m. the stock fell 3.92 per cent to $19.11, underneath the $21 per common share provide a number of investors led by Baazov proposed to privatize the gambling online company on January 31.

The special committee of independent directors says it’s implemented restrictions on Baazov’s management in light of his potential offer.

“These guidelines connect with, among other things, the treatment of confidential information, transactions outside the ordinary span of business, and communication with employees and external parties,” the Pointe-Claire, Que.-based company wrote inside a news release Wednesday. 

Based on Amaya’s basic share count, the proposed offer values the organization at about $2.8 billion, reasonably limited of approximately 40 per cent of its value before Baazov’s announcement. Baazov owns 18.6 percent of the company’s stock.

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