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Canada's Amaya taps Moelis to provide independent valuation of company

Published 2016-03-02, 05:37 p/m
© Reuters. Canada's Amaya taps Moelis to provide independent valuation of company
BARC
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TSGI
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TORONTO, March 2 (Reuters) - Amaya Inc AYA.TO , an operator
of online gambling websites, said on Wednesday it had tapped
Moelis & Co to independently value the company in light of an
anticipated takeover proposal from its Chief Executive Officer
David Baazov.
Last month, Amaya disclosed it had received a non-binding
proposal from Baazov to take the company private for C$21 a
share. It also said a special committee of its board has tapped
Barclays (LON:BARC) to review the expected all-cash offer.
Baazov has stated that he had begun preliminary discussions
with a small number of potential investors and that it was his
intention, subject to certain contingencies, to submit a formal
proposal at or about the end of February.
Amaya, which plans to announce its fourth-quarter results on
March 14, disclosed on Wednesday that it has so far not received
a formal offer from Baazov.
Shares in Amaya closed 2 percent lower at C$19.50 in Toronto
on Wednesday.
"While February has come and gone, discussions with Mr.
Baazov's representatives give us confidence that a bid is likely
to materialize," said Canaccord Genuity analyst Kevin Wright, in
a note to clients.
The company also said in view of the potential offer and the
ongoing reviews by Moelis and Barclays, it will not be providing
any financial outlook for 2016 when it reports quarterly results
later this month.
It also said it has established guidelines and restrictions
around the ongoing management of Amaya in light of the potential
offer.

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