Market Overview

Amaya Soars High On Former CEO's Big Bid

Amaya Soars High On Former CEO's Big Bid

Shares of Amaya Inc. (NASDAQ: AYA), a Canada-based gaming company that owns several leading online poker brands such as PokerStars, Full Tilt, soared higher by more than 15 percent on Friday after the company's former CEO submitted an acquisition bid.

The company's ex-CEO David Baazov offered to acquire Amaya in a deal that values its Toronto-listed stock for C$24 per share. The offer also represents a premium of just above 30 percent to Friday's close of C$18.34 and values the company at C$3.48 billion.

Shares of the Toronto-listed stock gained more than 16 percent to trade at C$21.38, while the Nasdaq-listed stock gained more than 15 percent to trade at $15.73.

Baazov attempted to take the company private in February, but shortly after, he was charged with insider trading by regulators in the province of Quebec where the company is based.

The investigation focused on Baazov and other key executives who may have committed wrongdoing in trading the company's stock prior to its $4.9 billion takeover of PokerStars and its parent company Rational Group.

Merger talks with UK-based William Hill Plc were also called off in October.

Posted-In: Amaya David BaazovM&A News Management Movers Tech Media Best of Benzinga


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