Canada-based gaming software maker Amaya Gaming Group Inc.(AYA.V) announced that it has extended its buyout offered for CryptoLogic Ltd. (CRYP, CRY.TO, CRP.L) until 5.00 p.m. London time on 25 June 2012, unless otherwise extended.
Amaya announced that as at 3.00 p.m. London time, it has received acceptances giving Amaya control over 12.31 million CryptoLogic Shares, representing approximately 89 per cent of the issued share capital of CryptoLogic and that the Offer is being further extended.
Amaya announced that as at 3.00 p.m. London time, it has received valid acceptances of the Offer in respect of a total of 11.33 million CryptoLogic Shares representing approximately 81.97 per cent. of the issued share capital of CryptoLogic and approximately 88.17 per cent of CryptoLogic Shares to which the Offer relates.
In December 2011, Amaya Gaming Group has said it offered to buy CryptoLogic for $2.50 per share, estimated to total about $34.5 million.
On 2 February, 2012, the boards of Amaya Gaming Group 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.
On 29 March 2012, Amaya announced that the Offer had become wholly unconditional and that it had extended the Offer until on 18 April 2012, unless otherwise extended.
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