David Baazov has had to back track somewhat after announcing a takeover bid for the company he founded, Amaya Gaming. The former CEO of the company, Baazov announced his plans a few weeks ago and mentioned four investment groups were backing him financially in the deal. However, one group, KBC Aldini Capital Ltd., came forward soon after stating they were not involved. Baazov has confirmed this and his most recent update confirms only two companies are supporting his endeavors.

Yesterday, Baazov updated his plans to take the company private by announcing papers had been filed within the US Securities and Exchange Commission that detailed the financing sources as of late behind the bid, which equals C$24 per share.

It was on the 14th of November that Baazov first filed a takeover bid and announced he had four investment groups as backers. After KBC Aldini Capital Ltd. was named, the investment firm actually filed paperwork within the SEC accusing Baazov of using their name fraudulently. Baazov commented on the matter stating that the KBC group was not involved and that he as well as his advisors had been tricked somehow by unidentified parties who were passing themselves off as representatives of KBC.

On the other side of things, Goldenway Capital announced that they are committed to the bid and are prepared to increase their commitment in the matter. On Friday, Baazov stated that he had received binding equity commitment letters worth $3.45b from Goldenway as well as the Head and Shoulders Global Investment Fund, a group that is based in Hong Kong.

In the filing, it did not mention Ferdyne Advisory, the fourth company that had previously been mentioned by Baazov in an earlier filing. Because of this, it is unclear as to if the firm is still involved in the matter.

The investors of Amaya Gaming welcomed the filing on Friday, which sent the share price of the company up by 7.5% by midday trading.

 

 

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