Amaya confirms Baazov offer to purchase

Amaya Inc. confirmed receipt of a non-binding all cash offer from former chief executive officer David Baazov to acquire the company.

The offer of CAD$24.00 per common share was confirmed in a press release late Monday, detailing the inclusion of a USD$200 million deposit into escrow upon execution of a definitive agreement in respect of a potential transaction.

The deposit would be converted into a one-year structurally subordinated, interest bearing debt obligation to fund a portion of the USD$400 million deferred purchase price for Amaya’s acquisition of the Rational Group in August 2014, and be convertible into equity following the closing of a potential transaction.

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