Amaya Inc.'s former chief executive officer put forward a $3.5-billion takeover proposal for the online gambling company, backed by four overseas investment firms.
The $24-per-share offer led by David Baazov – a premium of 30.9 per cent to Amaya's closing price – comes more than nine months after he first announced his intention to take the company private. But the former executive's legal troubles stand as a potential obstacle to completing the deal.
Unlike Mr. Baazov's approach earlier in the year, this one is financed. The proposed acquisition of Amaya is backed by $3.65-billion in financing from four separate funds: Head and Shoulders Global Investment Fund SPC of Hong Kong, Goldenway Capital SPC of Hong Kong, Ferdyne Advisory Inc. of the British Virgin Islands and Dubai-based KBC Aldini Capital Ltd.
Mr. Baazov already owns 17.2 per cent of Amaya (once all options are exercised). But the former executive faces criminal charges of illegal insider trading laid earlier this year by Quebec's securities watchdog, the Autorité des marchés financiers (AMF). He has pleaded not guilty, and he resigned the last of his positions with the company in August, four months after he took a paid leave to fight the AMF charges. Story
Ottawa taps Morgan Stanley for port review
The federal government hired investment bank Morgan Stanley Canada Ltd. to review ownership options for 18 Canadian ports, setting the stage for privatizations of the country's shipping centres and airports.
The Canada Development Investment Corp., a Crown agency responsible for selling off federal assets, announced Monday that Morgan Stanley is "to provide financial advice" on the finances and future of its port holdings, which include facilities in Halifax, Montreal, Toronto, Thunder Bay and Vancouver. Morgan Stanley has advised governments on the sale of assets around the world, including mandates on port transactions in Australia and Greece.
In September, the federal Liberals hired Credit Suisse AG to provide guidance on potential privatization of the country's airports. Story
Boland leaves Maple Leaf board
Greg Boland's six-year saga to shake up Maple Leaf Foods Inc. has finally come to an end, with the activist investor stepping down from the company's board of directors.
When he first invested in 2010, Mr. Boland launched a high-profile proxy battle against a company that was in rough shape. Some investors believed the board was stacked with allies of the McCain family, which owned a one-third stake, and the company was struggling to compete with much more efficient global rivals.
After winning the battle, Mr. Boland joined the board in 2011. Instead of plotting to push out chief executive officer Michael McCain, he worked with the CEO to craft a comprehensive restructuring plan, which included revamping old meat-processing facilities and selling non-core meat assets. Story
ON THE MOVE
Macquarie Capital Markets Canada Ltd. has added to its Calgary research department following the recent departure of a veteran energy analyst.
Macquarie has hired Brian Kristjansen, who had covered small and mid-sized exploration and production companies for Dundee Capital Markets Inc.
Mr. Kristjansen joins Brian Bagnell, who also covers oil and gas at Macquarie in Calgary.
The move follows the departure of Chris Feltin, who recently signed on at Seven Generations Energy Ltd. as vice-president of corporate planning. Mr. Feltin had been an analyst at the Australian-based bank and its Canadian predecessor for a dozen years. Story
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