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Cryptologic Stock Bought by Amaya

19 April 2011 by admin

Back in March of this year, Cryptologic announced its annual figures. Cryptologic is a software developer who provides online casino games to any online casino it is partnered with. Shortly thereafter, they also announced that they had brought in a management expertise firm to review its business; naturally this resulted in speculation that the online casino game provider would be put up for sale.

While that possibility still remains such it is not the only potential outcome of the review. However is was shortly after the announcement of a management firm being called in that an unconfirmed rumor started circulating that an online gambling operator had bought a decent chunk of Cryptologic stock.

Now the rumor has been confirmed. The online gambling operator is Amaya who is based in Canada and who was approved to begin an online casino venture in Kenya—the first legal one in that country.

Amaya bought 652,170 of Cryptologic shares between March 25th and April 7th according to a notification given to the stock exchange written by Amaya’s president and CEO, David Baazov. On the notification it was stated that Amaya is now the owner of 5% or more of the online casino game provider’s stock. While that does not sound like a large portion of Cryptologic’s stock, it was large enough to require a notification to be sent to the stock exchange to inform them that 5% or more of the online casino game provider’s ownership was in Amaya’s hands.

But what is more interesting is the reason that Baazov provided as to why Amaya bought that much of Cryptologic’s stock. The reason for the significant purchase of the online casino gaming software company’s stock is to possibly move towards a “strategic transaction” with Cryptologic. This was not a direct “We are buying Cryptologic” from Amaya as Baazov has also said that Amaya is keeping its options open.

The stock buying seems to have been a way for them to evaluate the casino game software developer’s performance closely. At this point Amaya might buy more of Cryptologic’s shares or it could sell the ones it purchased in the last month. But will be watching this to see which way Amaya goes and if Cryptologic sells.

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