David Baazov Withdraws $6.7 Billion Bid for Amaya

Canada-based Amaya Gaming (AYA) shares fell Tuesday afternoon after founder and former CEO David Baazov withdrew his $6.7 billion debt-included bid for the online gaming company. Baazov cited a rising acquisition cost as the reason for his change of heart. Baazov first submitted a 21 Canadian dollar per share bid in February, before upping that bid to 24 Canadian dollars per share in November. However, in a release Tuesday, Baazov said the price certain shareholders are asking for is higher than he and his financiers are willing to pay. Baazov, who had secured more than $3.75 billion in financing for the bid, left Amaya gaming earlier this year due to accusations of insider trading and manipulating the company's stock price. Baazov still holds a 17.2% stake in the company based on outstanding shares.