Baazov Amaya bid in turmoil as Dubai backer claims ‘no involvement whatsoever’

Posted by: Ted Menmuir November 23, 2016 in Europe, Latest News, Sportsbook Comments Off on Baazov Amaya bid in turmoil as Dubai backer claims ‘no involvement whatsoever’

baazovThe proposed CAD $6.7 billion acquisition of Amaya Inc by former Chief Executive David Baazov, has been thrown into question following reports that Dubai-based private equity firm KBC Aldini Capital has denied being involved in Baazov’s takeover of Amaya assets.

On 14 November Baazov had penned an official CAD $24 per share (30% premium) for Amaya assets. Baazov who is currently being investigated by Quebec’s securities regulator Autorité des Marchés Financiers (AMF) on insider trading allegations, claimed that his bid had been backed by two Hong Kong-based PE firms and Dubai’s KBC Aldini.

However, yesterday KBC Aldini governance filed a complaint with the US Exchange Commission declaring that the company had ‘no involvement whatsoever’ with Baazov’s proposed bid.

Furthermore, Kalani Lal, CEO of KBC Aldini stated to Canadian newspaper the Globe and Mail that he “didn’t know what Amaya was and his company hadn’t held any discussions” with Baazov or his representatives.

The formal complaint made by KBC Aldini alleges that Baazov lied in his SEC filing for Amaya assets. Baazov’s bid claims that circa $4.1 billion of the deal would be backed by sponsors, naming three PE firms (Goldenway Capital, Head & Shoulders Investments and KBC Aldini) as his main backers.

This morning Amaya issued the following response to media reports

“Amaya Inc confirms that it is aware of today’s media report regarding David Baazov’s proposal that he publicly reported on November 14, 2016.  Amaya, with the assistance of its advisors, continues to carefully assess Mr. Baazov’s proposal, including the information contained in the media report, but has no further comment at this time.”

“Amaya intends to provide updates if and when necessary in accordance with applicable securities laws.”

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