On 2 February, 2012, the boards of Amaya Gaming Group Inc. and CryptoLogic Limited announced the terms of a recommended cash offer to be made by Amaya to acquire the entire issued and to be issued ordinary share capital of CryptoLogic.
This week, Amaya Gaming Group has received valid acceptances which will give Amaya control over 11,171,318 CryptoLogic Shares, representing approximately 80.79% of the issued share capital of CryptoLogic.
“In accordance with the level of acceptances set forth above, Amaya is pleased to announce that the offer has become unconditional as to acceptances,” read a statement from Amaya.
“In addition, Amaya is pleased to announce that, all conditions to the offer having been satisfied or waived, the offer is unconditional in all respects and that Amaya has taken up and will pay for the 10,199,689 CryptoLogic shares validly tendered in accordance with the offer within three business days of the date hereof.”
The net proceeds of the offering will be used to fund a portion of the all cash offer for all the outstanding share capital of CryptoLogic Limited that Amaya does not already own.
Amaya is engaged in the design, development, manufacturing, distribution and sale of technology based gaming solutions for the regulated gaming industry worldwide.
Reported by Maggie B.