November 14, 2016 / 11:37 AM / 2 years ago

CORRECTED-BRIEF-David Baazov led group announces fully financed offer to acquire Amaya

(Corrects first bullet to clarify Baazov has proposed to, not reached a deal to, acquire Amaya)

Nov 14 (Reuters) - Amaya Inc

* David Baazov sent proposal to acquire 100 pct of common shares of Amaya for cad$24 per share

* Baazov owns 24.6 million common shares in capital of Amaya and options entitling him to acquire 387,500 additional common shares

* Per equity commitment letters, comprising commitments of $3.65 billion, each financing source to contribute capital to BidCo for Amaya deal

* Additionally BidCo is prepared to provide a $200 million deposit into escrow upon execution of agreement in respect of proposed transaction

* In event Amaya’s us$400.0 million deferred payment becomes due prior to closing, BidCo will cause deposit to be released from escrow five days prior

* Entered binding equity commitment letters with each of head and shoulders global investment fund SPC - HS special event segregated portfolio

* David Baazov led group announces fully financed offer to acquire 100 pct of Amaya Source text for Eikon: Further company coverage:

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