Any good poker player knows exactly how many cards, or outs, are available to win the hand. The boss of Amaya, owner of PokerStars and other gambling websites, just dealt one to shareholders.
Chief Executive David Baazov on Monday offered to take Amaya private. At C$21 a share, it could value the Quebec-based company at up to C$4.4 billion, or $3.2 billion, depending on whether a pool of convertible preferred stock converts into some 50 million common shares adding nearly 40 percent to the number outstanding as part of the buyout. As of the end of September, Amaya was carrying $2.4 billion of net debt.
The company went all-in with a massive deal to buy Oldford, the Isle of Man-headquartered owner and…
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