Cryptologic Online Gambling Takeover By Amaya Gaming Nears Completion

Published Friday, April 06, 2012 - Online-Casinos.com

Cryptologic the online casino content supplier and game developer has been the subject of a takeover bid by Canadian company Amaya Gaming for a considerable time now. Cryptologic is one of the online gambling industry’s oldest participants, originating in Canada and then relocating to Ireland the firm has seen its share of ups and downs.

Recently the two firms released a statement that puts in perspective the stage to which the acquisition has progressed. Shareholders have said they support Amaya’s unconditional offer to acquire Cryptologic be extended to April 18 2012. Amaya has thus far received valid acceptances giving Amaya Gaming control over 11,171,318 shares, representing approximately 80.79 percent of the issued share capital of CryptoLogic. The acceptances cover a total of 10,199,689 CryptoLogic shares, which represents approximately 73.76 percent of Cryptologic issued share capital and 79.34 percent of its shares to which the offer relates. As is usual in these slow protracted takeover bids executives look for other employment opportunities and resign their positions.

 

The Cryptologic team has been doing just that with the Chief Executive Officer, David Gavagan formally resigning along with Chief Financial Officer, Huw Spiers, general counsel Nick Catros and other board members Simon Creedy Smith and James Wallace. The spaces to fill were assumed immediately by Amaya’s Head and president David Baazov as the new CEO of Cryptologic while the CFO position will be filled in by Amaya Games Daniel Sebag. Amaya has requested and Cryptologic has agreed to begin the application to delist its shares from the New York, London and Toronto stock exchanges. Amaya Gaming has been expanding at a great pace and with Cryptologic’s latest financial statement indicating that Cryptologic has also made some significant progress the first since 2006.The advances were attributed to cost cutting measures among other things. Total revenue rose to $27.3 million up from 26 million in 2010.

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