The former chief executive of online-gambling giant Amaya Inc. has offered to take the company private in a deal that values the firm at about 3.5 billion Canadian dollars ($2.56 billion).
Under the terms of the proposal disclosed Monday, a to-be-formed entity led by former chief David Baazov would acquire all shares of Amaya for 24 Canadian dollars a share. Mr. Baazov already holds a roughly 17% position in Amaya.
A representative for Amaya couldn't immediately be reached for comment.
Mr. Baazov had been in discussions with a variety of investors to finance his proposal to buy the Montreal company he founded. Mr. Baazov said in February that he and a group of unidentified investors planned an all-cash takeover offer.
In March, he took an indefinite paid leave to fight insider-trading charges filed against him. He permanently stepped down from the role in August.
As part of the proposal, Mr. Baazov's group is prepared to make a $200 million deposit into escrow if a deal is reached.
Shares were inactive in premarket trading.
Write to Joshua Jamerson at email@example.com
(END) Dow Jones Newswires
November 14, 2016 08:15 ET (13:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.