For us$ 34.5 million
Amaya Gaming plans to buy CryptoLogic
2011-12-16
Reading time 39 seg
(Canada).- Canadian gaming software maker Amaya Gaming Group is looking to buyout its peer CryptoLogic for $34.5 million in cash, to expand its customer base. Its US-listed shares were up 41 % in post-market trading. In March, CryptoLogic had said it has started a strategic review of its business, including a possible sale of the company.
Amaya, which holds about 7.5 percent in CryptoLogic, may offer us$ 2.50 per common share in cash subject to certain pre-conditions, such as proving it has sufficient funds to complete the offer.
Amaya is also required to announce its firm intention to acquire CryptoLogic by January 12 next year. The offer is 58 percent higher than CryptoLogic's Nasdaq-listed shares Wednesday closing price of us$ 1.58. CryptoLogic is a developer of branded online betting games and internet casino software.
Last year, the Dublin, Ireland-based company had also cuts jobs by 47 percent to 111 as part of a restructuring plan to reduce its cost base. CryptoLogic shares have gained about 18 percent this year.
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