Goldenway Steps Up To Complete Baazov’s Amaya Bid

Goldenway, one of the four firms which David Baazov had named in his bid to buy Amaya, has stepped up in full support of the deal. According to CalvinAyre.com, Goldenway has agreed to complete Baazov’s bid and provide the financing that had been attributed to KBC Aldini Capital.

Baazov’s bid to take the company he founded private nearly fell apart earlier this week when one of the investors he had named in the bid, KBC Aldini Capital, claimed to have no involvement in the deal.

Baazov reportedly responded to the situation the following day, explaining that he had received an equity commitment letter purporting to be from KBC Aldini which was apparently delivered without the company’s consent.

The firm took Baazov’s bid announcement to the Securities and Exchange Commission, accusing him of misrepresenting the participation of KBC Aldini in falsifying his takeover bid.  And that is only half of the legal backlash facing Baazov after the Aldini revelation.

A Boston-based investor is accusing Baazov of using the bid to manipulate Amaya’s stock price. The Investor allegedly purchased Amaya shares following the November 14 bid announcement at a time when the share price had risen 18 percent, just to see the share price fall again a few days later after KBC Aldini came forward.

While Ferdyn Advisory Inc. and Head and Shoulders Global Investment Fund, the two other funding sources named by Baazov in the deal, have yet to comment on the situation, Goldenway appears determined to support Baazov in his bid.

Goldenway Vice President of Operations Ricky Lai said his firm is “prepared to increase our commitment if so required in order to conclude a successful transaction.

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