Activist investor Jason Ader wants Canadian online gambling operator Amaya Gaming to forget David Baazov’s takeover bid and get back to making money.

Last Friday, Toronto’s Globe & Mail newspaper published a look at the “murky” finances underpinning Baazov’s C$24-per-share offer to acquire Amaya and take it private. The article quoted a letter that Ader’s SpringOwl Asset Management sent Amaya on Thursday, urging the board to reject Baazov’s bid and to cut the cord for good with their former CEO.

In the letter, SpringOwl CEO Ader (pictured right) said it is “time for the company to fully move on from the undue influence” of Baazov (pictured left). Ader called Baazov’s bid “a continued attempt by a discredited former executive to capitalize on the Amaya situation at other shareholders’ expense.”

Ader said SpringOwl was “not supportive of the self-interested, unsubstantiated potential transaction” which, given Baazov’s “current legal situation and the lack of clarity … has significant risks to closing.”