Amaya taps Barclays to review pending buyout proposal from CEO

Mon Feb 8, 2016 11:06am EST
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TORONTO Feb 8 (Reuters) - Canada's Amaya Inc , operator of online gambling website PokerStars, said on Monday that a special committee of its board has tapped Barclays to review an expected all-cash offer from its Chief Executive David Baazov.

Earlier this month, Amaya disclosed that it had received a non-binding proposal from Baazov to take the company private for C$21 a share.

The company said the special committee has also engaged Blake, Cassels & Graydon as its legal advisor in connection with the notice received from Baazov.

The special committee said it has yet to receive a formal bid and that there can be no assurance that Baazov's notice will result in a formal bid or offer.

Baazov has indicated in a regulatory filing that he had recently begun preliminary discussions with a small number of potential investors and it was his intention, subject to certain contingencies, to submit a formal proposal at or about the end of February.

Amaya shares were down 35 Canadian cents at C$18.65 in early trading in Toronto on Monday. (Reporting by Euan Rocha; Editing by Marguerita Choy)