David Baazov, the founder of world’s largest gambling company Amaya inc. said that he wouldn’t buy the Canadian online gambling company because some of it shareholders are asking high price than he thought and hence cancelling the negations with the company.
Currently most of the company’s shares listed in Canada’s main stock index rose for four straight days, while Amaya inc. shares fell around 3.3 percent to C$18.74 per share.
Earlier in mid-November Mr. Baazov was in talks with Amaya inc. to buy the company and has also offered an amount of $4.1 billion, but the company shareholders asked an amount of $6.7 billion including debts and outstanding.
Baazov also said that he would talk to other companies interested to acquire Amaya Inc.
According to Baazov, at least four companies including KBC Aldnini, Goldenway, Ferdyne Advisory and Head & Shoulders Global Investment Fund were backing him to acquire world largest online gaming company, but later KBC aldini denied its involvement in the deal.
Amaya Inc. which runs top gambling portals like PokerStars and Fulltilt poker said in a statement in February that “it has got an informal bid from Baazov (who owns 17 percent shares of Amaya ) regarding making this company a private one for C$21 per share ($15.66).
Baazov was the chief executive officer of the Canadian gaming company but he had to region from his post because of in-house trading charges fixed on him.
According to AMF charges, he was in a group of people, who made $1.5 Million from different in-house stock trading.
The report then said that “in 2010 Baazov leaked confidential data of the company” and provided tips about many casino takeover deals including Cryptologic Ltd. and Chartwell Technology Inc.
Amaya Inc is also negotiating with some online casino providers/ports to acquire them. Currently the company does not operate in the United States, but it provides online Poker games for real money to people in United Kingdom and in Europe. PokerStars also operates in Countries like Canada and Australia.