Amaya Founder Divests 12 Million Shares

(RTTNews) - David Baazov, founder and former chief executive of Amaya Inc.(AYA), has sold around 12 million shares out of the total 17.6 million or 12 percent of the shares he was holding. The sale, at an average price of C$22.31, was worth $267.7 million

Earlier in the month, Baazov had divested seven million shares worth $133 million. Certain legal issues related to insider trading had stopped him from taking Amaya private. He was alleged of influencing or attempting to influence the market price of the securities of Amaya and communicating privileged information.

On March 24, the gaming company CEO Rafi Ashkenazi in a media interview, said it was open to acquisitions in general. The company was reportedly planning to appoint a merger and acquisition specialist for a good deal.

Amaya, which owns poker stars, pokerstars casino and bet stars, has recently reported its fourth-quarter results with adjusted profit of $107 million, up 30 percent from $82.3 million last year. Revenue also increased six percent to $310.4 million from $293.2 million in the previous year.