The logo of gaming company Amaya Inc is seen at its head office in Montreal June 22, 2015.© Christinne Muschi / Reuters
Amaya Inc., owner of the popular PokerStars online gambling site, says it will not be providing financial guidance for 2016 in light of a potential $2.8-billion takeover offer from chief executive officer David Baazov.
Montreal-based Amaya said on Wednesday that a special committee of independent directors has decided not to provide the 2016 outlook when financial results for the fourth quarter are released March 14.
The company said the decision also reflects the fact that it has hired an outside consultant to provide an independent valuation of Amaya's "securities" in connection with a possible offer from Mr. Baazov.
Mr. Baazov said last month that he and an unnamed group of investors are mulling an all-cash takeover offer for all of the shares of Amaya at $21 a share.
One week later, Amaya said several of its employees may be joining Mr. Baazov in a transaction to take the company private.
Amaya also said on Wednesday that the review by consultant Moelis & Co. LLC will involve "financial analysis of Amaya … including analysis of management's forecast of Amaya's financial performance." The company has also engaged with Mr. Baazov in settling the terms under which confidential information would be made available to his group for the purposes of assessing an offer and possibly making a bid.
Several years ago, Mr. Baazov orchestrated the surprise takeover of PokerStars and other brands by his modest gambling tech company in a $4.9-billion (U.S.) deal.
The company slashed its revenue and profit outlook for 2015 last November.
Last month, it was hit with an $870-million verdict against it in Kentucky for alleged losses by state residents who played PokerStars games between 2006 and 2011. The decision is being appealed.
Editor's note: A previous version of this story said the company has "agreed" to terms under which confidential information would be made available. In fact, the company has "engaged" with Mr. Baazov in settling the terms.