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William Hill (WIMHF) and Canada's Amaya (AYA) will no longer pursue their previously intended merger, the Nasdaq-listed owner of PokerStars said in a statement Tuesday.

Amaya, the online gaming group based in Pointe-Claire, Quebec, said that its former CEO, David Baazov, continues to be interested in buying all of the company's outstanding shares and that its board of directors had concluded that remaining independent will put it in the best position to deliver shareholder value.

"Amaya is a strong and growing company with experienced management and a proven strategy to deliver profitable growth and shareholder value," said Chairman Divyesh Gadhia. "Together with our financial advisors, we evaluated a wide range of strategic alternatives to maximize shareholder value and have concluded that remaining an independent company is in the best interest of Amaya's shareholders at this time."

"The Board has full faith in Amaya's management to execute on its strategy and objectives," the statement said.

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Amaya had been reviewing its options since Baazov made an unsolicited offer to buy the company for C$2.8 billion ($2.1 billion) in February. In August, Baazov, the company's founder, resigned as CEO on a temporary basis to fight charges of insider trading related to the company's 2014 purchase of PokerStars and Full Tilt Poker owner Oldford Group Ltd. for $4.9 billion.

William Hill has been without a permanent CEO since James Henderson was in July removed from the helm following profit warnings in March and October.

The Amaya deal came just as the bookmaker is about to lose the No. 1 spot in the ranking of British betting shop operators when Ladbrokes completes its £2.3 billion merger with the betting shops of Gala Coral sometime this fall.