Supposed Investor In Baazov Deal Disputes Any Involvement

Published on November 23rd, 2016 2:18 am EST

The David Baazov/Amaya Inc. story took a strange turn earlier today after a supposed investor in the proposed Baazov deal disavowed any involvement in the transaction.

In fact, the company, KBC Aldini Capital Ltd., has reportedly filed a complaint with the Securities and Exchange Commission over the matter.

Was this some sort of a simple misunderstanding, or is something more sinister going on?

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Shares of Amaya Inc., the parent company of Pokerstars, soared last week after it was revealed that David Baazov was planning to take the company private and had arranged the necessary financing to do so. David Baazov stepped down from Amaya earlier in the year as he deals with insider trading charges, though still retains a sizeable stake in the company.

Under Baazov's proposed multi-billion dollar transaction, shareholders of Amaya Inc. would receive $C24.00 per share. The total value of the transaction, including debt, is over $6 billion.

The markets immediately doubted that the transaction would go through, as shares of Amaya quickly slipped below $20.00 CDN.

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After today's news hit the market, shares of Amaya Inc. fell and closed the day at $18.67 per share on the Toronto Stock Exchange. This means that the increased market capitalization that was generated by Baazov's proposed purchase has almost completely been evaporated.

Amaya, for their part, released a statement in which they said that they are aware of the media reports regarding Baazov and KBC Aldini Capital Ltd. and that the company continues to mull over Baazov's proposal.

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The increasingly bizarre David Baazov/Amaya story has many people longing for the relatively boring and stable days that were experienced under Isai Scheinberg's leadership.


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Filed Under: Online Poker Rooms