Amaya tumbles after Dubai-based investment fund denies Baazov’s purchase bid role
Amaya fell 6.9 per cent to $18.49 in Toronto at 1:20 p.m., the biggest drop since Oct. 18, for a third day of losses. The stock earlier fell as much as 9.5 per cent.
Kalani Lal, chief executive of KBC, told the Globe and Mail in a phone interview from Dubai he didn’t know what Amaya was and his company hadn’t held any discussions. KBC said it has filed a complaint with the U.S. Securities and Exchange Commission.
““Baazov, who took an indefinite leave this year amid a Quebec insider trading probe, made a cash offer to Amaya last week
”
The $4.1 billion equity portion of the offer comprised $3.65 billion in commitments from sponsors. In a filing, Baazov said two Hong Kong-based firms had committed to the equity financing, Head & Shoulders Global Investment Fund SPC and Goldenway Capital SPC and KBC. Another firm, Ferdyne Advisory Inc., was also contributing funds, he said.
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