Amaya appoints new Financial Advisor

Amaya Chairman and CEO David Baazov recently begun preliminary discussions with a group of potential investors to make an all-cash offer by the end of February aimed at giving the group the company's full ownership.

Blake, Cassels & Graydon LLP has been appointed as legal advisor to Amaya in relation to the unofficial acquisition proposal.

Last week, it was reported that Mr. Baazov has started discussing the matter with a group of investors who might be interested in the major deal and that he is likely to submit his formal proposal by the end of February.

It also became clear that the executive has been joined by four Amaya employees, with Executive Vice President for Corporate Development and General Counsel Marlon Goldstein being one of those. The names of the other three employees that are likely to participate in the transaction, if one occurs, have not been revealed.

Amaya pointed out in a statement from earlier today that its special committee has not received a formal bid from Mr. Baazov for a potential acquisition deal and that if one is submitted, there is no assurance that it will eventually end up in an official bid or offer. And if the proposed acquisition results in a formal bid or offer, the transaction may not be completed.

The company also made it clear that for now, shareholders will not be asked to vote on a proposal or take any other action on the matter. Amaya promised to provide updates on the course of the events if and when that is necessary, and in full compliance with all applicable laws.

Mr. Baazov announced his interest in purchasing the company he has found himself on February 1. Reportedly, the executive has hired Goldman Sachs and Deutsche Bank as his financial advisers. However, a spokesperson for Mr. Baazov has refused to confirm whether advisers have indeed been appointed and added that when there is more information on the matter, it will be released to the public.