Amaya Gaming Group has been given an extension to reach a potential takeover agreement with CryptoLogic, giving Amaya time to complete its due diligence process and finalise its financing arrangements.
The board of CryptoLogic today requested that the panel on takeovers and mergers extend the deadline of January 12 for Amaya to either announce a firm intention to make an offer for the online casino and games developer or announce that it does not intend to make an offer.
The panel has agreed to the request by CryptoLogic that Amaya must, by no later than 5pm on February 2, either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement. This deadline will only be extended with the consent of the panel.
Amaya agreed in principle the outline terms of a possible recommended all-cash offer for all the outstanding share capital of CryptoLogic in December.
