Announcing Amaya Inc 2015 full-year results, which saw the operator post net losses of CAD $25 million (£14 million), CEO David Baazov updated the market on his proposed management takeover of the firm.
Baazov alerted the media that his executive team intends to make a formal bid to take Amaya assets private, though no timeline for the announcement of the offer has been set.
During yesterday’s Amaya conference call, Baazov declared “I’m in a position to move towards submitting a proposal to acquire the outstanding shares of Amaya, consistent with my previously announced intentions”
At the start of February, Baazov had shocked the online gambling market by proposing an initial CAD $21 per common share cash offer valuing Amaya’s current assets at CAD $2.8 billion.
Following Baazov’s proposal Amaya governance set up a special committee advised by Barclays Capital to undertake a review of the Toronto-listed company’s position and investor options.
To date, Amaya governance has stated that as yet it has not received any formal offer from Baazov or his associates.
The proposed management takeover, has been subject to much speculation. This month business news source Bloomberg reported that Baazov may seek outside investment from rival Playtech in order to fund the takeover.
Baazov’s 2014 acquisition of Rational Group assets PokerStars and Full Tilt, had garnered the young CEO the title of ‘King of Online Gambling’ by Forbes Magazine. For his part in the deal, Baazov is reported to have earnt CAD $800 million.
The CEO at present is reported to own +24 million Amaya Inc shares, weighted at 18.6% of the company’s equity.