Amaya Gaming Group and CryptoLogic have agreed on the terms of a recommended cash offer to be made for the online casino games supplier.

Further to the announcement made on December 15, 2011, and to the announcement of January 12,  the boards of Amaya and CryptoLogic have agreed on the terms of a recommended cash offer to be made for the entire issued and to be issued ordinary share capital of CryptoLogic, valuing the company at approximately US$35,817,144.

The offer will be conditional on, among other factors, acceptances being received in respect of shares representing more than 50 per cent of the issued share capital of CryptoLogic.

"We believe we share many of the same fundamental values and business philosophies as CryptoLogic," commented president and CEO of Amaya David Baazov. "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."

David Gavagan, chairman and interim CEO of CryptoLogic, added: "We consider that the offer represents an attractive premium to the share price of the Cryptologic prior to the announcement of a possible offer by Amaya in December 2011."