Wednesday, October 05, 2022

HK-investors boost their support in Baazov Amaya bid


Former CEO of Amaya Inc., David Baazov has confirmed that two Hong Kong-based investors will be upping their support for his $4.1 billion bid to take the company private, local media reports.

According to a filing to the U.S. Securities and Exchange Commission on Friday, Head and Shoulders Global Investment Fund SPC and Goldenway Capital SPC sent “binding equity commitment letters” for $3.5 billion to finance Baazov’s bid for Amaya.

The investors stepped in to fill the gap left by Dubai-based KBC Aldini Capital Ltd., after it was revealed earlier in the week that the firm had no knowledge of the deal, and did not give consent.

On November 14, Amaya Inc announced it had received a non-binding all cash offer from its former CEO, at a price of CAD$24.00 per common share.

“We continue to support David Baazov," Stanley Choi, chairman of Head and Shoulders Financial Group, said in a phone interview with Bloomberg.

He declined to comment further on his firm’s increased commitment or the structure of the transaction.

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