Former Amaya CEO David Baazov has withdrawn his $4.1 billion bid to purchase the company he used to head up, noting that the price by shareholders was too high for his taste.
In a statement Baazov said, "It became evident that the share price premium demanded by certain shareholders exceeded the price at which my investors and I would be willing to complete a transaction."
Baazov had previously lodged an offer valued at $24 CAD per share for the company. The group's share price closed yesterday at $19.38 CAD. Baazov holds the largest stake in the company, with 17% equity in Amaya, and he had sought to purchase the group outright and take it private, but those hopes appear dashed for now.
Baazov helped found the company, and he oversaw the group's expansion and purchase of The Rational Group, which holds PokerStars and Full Tilt Poker in its umbrella. He was forced out of Amaya in the wake of an insider trading scandal that is still underway.
Casino Listings will update this story as we learn more about the situation.