February 8, 2016 / 4:12 PM / 2 years ago

Amaya taps Barclays to review pending buyout proposal from CEO

David Baazov, president and chief executive officer of gaming company Amaya Inc, stands prior to their annual general meeting in Montreal, June 22, 2015. Reuters/Christinne Muschi

TORONTO (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

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