David Baazov, founder and former CEO and Chairman of the Montreal-based Canadian online gambling company, Amaya Inc., has announced that he will no longer try to buy the company.
Baazov had initially proposed to buy out the other Amaya shareholders for $24 per share, claiming that he had $3.45 billion in committed financing for a takeover of the company, which also owns PokerStars and other online casino games.
However, the former CEO decided to walk away from his bid when it became clear that the share price premium some of the company’s shareholders wanted surpassed what he and his investors were willing to offer.
“After consulting with my advisors, I determined that the best course of action for me and Amaya would be for me to end my attempt to purchase the company,” Baazov stated.
Baazov still owns 17% of Amaya stock, a notable chunk of the company. That said, some shareholders, such as Jason Ader, feel strongly that the company should refrain from any future affiliations with Baazov.
The first time David Baazov made his plan to privatize the company known was back when he was still CEO of the comapny in February 2016, not long before the Quebec Securities regulator charged him with five offences, including insider trading.