Amaya Gaming Group has agreed in principle the outline terms of a possible recommended all cash offer for all the outstanding share capital of CryptoLogic that it does not already own, valuing CryptoLogic at approximately US$34.5m.
The discussions with CryptoLogic are at a preliminary stage and the possible offer is subject to the satisfaction (or waiver by Amaya) of certain pre-conditions. Shareholders are advised that there can be no certainty that an offer will be forthcoming.
The board of Amaya believes that there is a strong strategic fit between the two companies and believes CryptoLogic would be well placed to serve and expand its customer base as part of the group.
Amaya is now required, by not later than 5pm on January 12, to announce a firm intention to make an offer for CryptoLogic.
Amaya has also announced that it has entered into an agreement to sell to Canaccord Genuity Corp for C$20m.
