Background and business issues
The PLC Advisory and Leisure teams in Corporate Finance Advisory have acted as independent financial adviser to CryptoLogic Limited on its sale to Amaya Gaming Group Inc., the Toronto-listed gaming company.
CryptoLogic is a Guernsey-domiciled company headquartered in Dublin which specialises in the development and supply of online casino software. The Company also has offices in Canada, Malta and Singapore.
Our role and approach
Deloitte was mandated by CryptoLogic to act as its financial adviser in February 2011 in respect of a strategic review of the business.
Following an announcement in March 2011 notifying the market of our appointment, Deloitte launched a disposal process, approaching a wide range of potential bidders with an interest in part or the whole of the business.
CryptoLogic is listed on the Main Market of the London Stock Exchange, the Toronto Stock Exchange and NASDAQ. The tri-jurisdictional nature of the deal led to a complex process which had to be compliant with the regulations of all three countries.
The team had considerable interaction with the Takeover Panel throughout the process – this was of particular importance given the different jurisdictions involved and the relatively recent introduction of the revised Takeover Code in September 2011.
The transaction was effected by way of a contractual offer at $2.54 per share, representing a significant premium of 55% to the closing price of $1.64 on 14 December 2011, the last business day prior to the announcement of a possible offer.