Amaya and William Hill drop merger talks

Amaya has announced it has decided to end talks regarding a potential merger with William Hill.

“…Upon the unanimous recommendation of the Special Committee, the Board concluded that at this time remaining as an independent publicly-traded corporation best positions Amaya to deliver long-term shareholder value,” said the company in a press statement on Tuesday.

Last week, Amaya and William Hill PLC announced they were in discussions regarding a potential all share merger of equals.

“Those discussions have concluded, and Amaya and William Hill have determined that they will no longer pursue the merger. Amaya wishes the best for William Hill and its shareholders.”

“Amaya is a strong and growing company with experienced management and a proven strategy to deliver profitable growth and shareholder value,” said Divyesh (Dave) Gadhia, chairman of Amaya. “Together with our financial advisors, we evaluated a wide range of strategic alternatives to maximize shareholder value and have concluded that remaining an independent company is in the best interest of Amaya’s shareholders at this time. The Board has full faith in Amaya’s management to execute on its strategy and objectives.”

The release also notes that Amaya has been informed by its former chief executive officer, David Baazov, that he continues to be interested in acquiring all of the outstanding shares of Amaya.  

“The Special Committee has not received an offer from Mr. Baazov that it or its advisors believes is capable of resulting in a completed transaction,” said the company in a statement.