CryptoLogic Ltd. (CRYP, CRY.TO, CRP.L) announced that it has agreed in principle the outline terms of a possible recommended all cash offer from Amaya Gaming Group Inc.(AYA.V) for acquisition of shares at $2.50 per share.
On the basis of the Possible Offer the Board of CryptoLogic has agreed to allow Amaya to conduct confirmatory due diligence.
This would represent a premium of 52% over the closing share price of $1.64 per common share on NASDAQ on 14 December 2011.
The discussions with Amaya are at a preliminary stage and the Possible Offer is subject to the satisfaction of certain pre-conditions, unanimous recommendation by the Board of CryptoLogic and confirmation by Amaya that it has sufficient funds to complete the offer.
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