Baazov secures new backing for Amaya takeover bid
David Baazov, former chief executive of Amaya, has secured the support of two Hong Kong funds for his takeover bid for the company that owns PokerStars.
According to the Bloomberg news agency, Head and Shoulders Global Investment Fund SPC and Goldenway Capital SPC have signed "binding equity commitment letters" to provide financing for the bid.
Last week, doubts were raised over Baazov’s bid for his former employer after an apparent supporter denied any involvement with the offer.
KBC Aldini Capital, along with three other investors, had been named by Baazov in a filing with the US Securities and Exchange Commission (SEC) as companies that would support the bid.
However, Kalani Lal, chief executive of KBC Aldini Capital, told the Globe and Mail newspaper that the company is not part of the process and had filed a complaint with the SEC over the matter.
The two Hong Kong-based investment companies will replace KBC Aldini Capital in the bid.
Stanley Choi, chairman of Head and Shoulders Financial Group, said he was “not at all” concerned by last week’s activities, adding that the company will “continue to support David Baazov”.
Amaya is yet to comment on the latest reports.