David Baazov sells £81m of Amaya shares
Former chief exec cuts stake in PokerStars-owner by 30% for “investment purposes”
David Baazov has sold almost a third of his stake in Amaya just days after the company made it more difficult for him to take it over.
The former chief exec announced Tuesday he had sold 7 million Amaya common shares at C$19 for a total consideration of C$133m (£81m).
The sale amounts to around 5% of the company’s shares, leaving Baazov’s remaining stake at 12%.
According to a statement from Baazov, the deal was done for “investment purposes”.
It follows news that Amaya has agreed to a new debt refinancing agreement that gave the lenders the power to trigger a default if Baazov takes control of Amaya.
Baazov’s last takeover attempt failed in December, when the Amaya board turned down a final offer of C$24 a share.
The market reacted positively to the sale with Amaya shares climbing 5% to C$20 on the Toronto Stock Exchange.
Baazov is also due to face inside trading charges from Quebec authorities, with the trial set for November.