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Amaya taps Barclays to review pending buyout proposal from CEO

Published 2016-02-08, 11:06 a/m
© Reuters. Amaya taps Barclays to review pending buyout proposal from CEO
BARC
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TSGI
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TORONTO, Feb 8 (Reuters) - Canada's Amaya Inc
AYA.TO AYA.O , operator of online gambling website PokerStars,
said on Monday that a special committee of its board has tapped
Barclays (L:BARC) to review an expected all-cash offer from its Chief
Executive David Baazov.
Earlier this month, Amaya disclosed that it had received a
non-binding proposal from Baazov to take the company private for
C$21 a share.
The company said the special committee has also engaged
Blake, Cassels & Graydon as its legal advisor in connection with
the notice received from Baazov.
The special committee said it has yet to receive a formal
bid and that there can be no assurance that Baazov's notice will
result in a formal bid or offer.
Baazov has indicated in a regulatory filing that he had
recently begun preliminary discussions with a small number of
potential investors and it was his intention, subject to certain
contingencies, to submit a formal proposal at or about the end
of February.
Amaya shares were down 35 Canadian cents at C$18.65 in early
trading in Toronto on Monday.

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