The Amaya Gaming Group purchased a large number of Cryptologic shares during April, 2011 which resulted in the online gambling industry expecting to hear an announcement that they were interested in purchasing the share capital of Crytologic.
The leading online casino software provider has at last made an announcement, prepared in accordance with English law and the Takeover Code that the Gaming Group has provisionally offered to purchase its share capital.
The “outline terms of a possible recommended all cash offer from Amaya for the acquisition of the entire issued and to be issued share capital of Cryptologic” has been agreed to in principle by the Board of Cryptologic. Amaya’s provisional offer is at US$2.50 in cash per common share at a premium of 52% over the closing share price of US$1.64 per common share on NASDAQ on 14th December, 2011. Cryptologic will allow Amaya to conduct confirmatory due diligence on the bases of this “Possible Offer”.
Amaya’s provisional offer is stripped of legalese, and subject to three pre-conditions, namely that Amaya completes the due diligence to its satisfactiin, that the Board of Cryptologic gives its unanimous recommendation and that Amaya confirms that it has sufficient funds to complete the offer.
It is necessary for Amaya to either announce a firm intention to make an offer for the company or announce its intention not to make an offer by January, 12, 2012.