MONTREAL, Nov. 14, 2016 /CNW/ - David Baazov today announced that he has delivered to Amaya's Chairman of the Board of Directors a proposal on behalf of a to-be-formed entity led by Mr. Baazov (" BidCo"), not subject to any due diligence or financing conditions, to acquire 100% of the common shares of Amaya for CAD$24 per share on the terms and subject to the conditions set forth in the proposal. Additionally, as set forth in the proposal, BidCo is prepared to provide a US$200.0 million deposit into escrow upon execution of a definitive agreement in respect of the proposed transaction; and, in the event Amaya's US$400.0 million deferred payment obligation to the previous owners of Oldford Group Limited becomes due prior to the closing of the proposed transaction, BidCo will cause the deposit to be released from escrow five days prior to the deferred payment date and converted into a one-year structurally subordinated debt obligation to fund the deferred payment, such amount to be convertible into equity following the closing of the proposed transaction. Mr. Baazov also announced that in connection with the proposal, Mr. Baazov has entered into binding equity commitment letters with each of Head and Shoulders Global Investment Fund SPC - HS Special Event Segregated Portfolio, Goldenway Capital SPC- Special Event SP, Ferdyne Advisory Inc. and KBC Aldini Capital Limited. Pursuant to the equity commitment letters, comprising aggregate commitments equal to $3.65 billion, each of the equity financing sources has committed to contribute capital to Bidco for the purpose of acquiring Amaya. Mr. Baazov has filed an early warning report required to be filed with applicable securities commissions, a copy of which will be available under Amaya's profile on SEDAR at www.sedar.com and may also be obtained by contacting Riyaz Lalani, the Chief Executive Officer of Bayfield Strategy, Inc. at 357 Bay St #502, Toronto, ON M5H 2T7, telephone (416) 907-9365. Mr. Baazov owns 24,564,047 common shares in the capital of Amaya and options entitling him to acquire 387,500 additional common shares, which collectively representing approximately 17.2% of the issued and outstanding common shares (assuming exercise of all such options). Mr. Baazov's beneficial ownership in Amaya securities may change from time to time depending on market and other conditions, including, without limitation, through market transactions, treasury issuances, private agreements or otherwise.