Server and network-based gaming specialist has consented to paying just over $35.8 million for all of the online casino games developer’s outstanding shares.
Friday 3rd February 2012
Following months of negotiations, server and network-based gaming specialist Amaya Gaming Group has announced that it has agreed terms for the purchase of all of the outstanding share capital in online casino games developer CryptoLogic Limited.
Montreal-based Amaya revealed that it has agreed to pay just over $35.8 million for all of the outstanding shares in CryptoLogic, which works out to $2.535 per share and represents a premium of approximately 55 percent over the closing price on December 14, with advisors Deloitte Corporate Finance calling the offer ‘fair and reasonable’.
“We believe we share many of the same fundamental values and business philosophies as CryptoLogic and we are excited about the opportunity to work in partnership with its management and employees,” said David Baazov, President and Chief Executive Officer for Amaya.
“We are also excited about the opportunity to integrate CryptoLogic’s expertise, capabilities and relationships with our existing worldwide operations. We look forward to completing the acquisition of CryptoLogic as another important step in our international expansion strategy to deliver leading-edge gaming solutions to our expanding global client base of regulated gaming operators and governments.”
For its part, CryptoLogic declared that it has unanimously determined the offer from Amaya to be ‘fair and reasonable and in the best interests’ of the company and will recommend that shareholders accept it.
“The board of CryptoLogic is pleased to have agreed terms with Amaya,” said David Gavagan, Chairman and Interim Chief Executive Officer for CryptoLogic.
“We consider that the offer represents an attractive premium to the share price of CryptoLogic prior to the announcement of a possible offer by Amaya in December of 2011.”
