Novomatic Extends Ainsworth Takeover Amid Investor Pushback
Austrian gaming group Novomatic AG has extended its offer to acquire the remaining shares of Australian slot maker Ainsworth Game Technology (AGT) by one month, now set to close on December 3. The extension underscores Novomatic’s persistence in securing full control despite opposition from minority investors.
The unconditional off-market offer, originally scheduled to end on November 3, values Ainsworth at around AUD 158.6 million (USD 103.1 million), equating to AUD 1.00 per share. Ainsworth’s Independent Board Committee has recommended acceptance of the proposal, describing it as “fair and reasonable” unless a higher offer emerges before the new deadline.
Novomatic has steadily increased its stake from 52.9% to 61.5% since April 2024, demonstrating its ambition for total ownership. Earlier plans to complete the deal through a Scheme of Arrangement were blocked by a shareholder group led by Kjerulf Ainsworth, son of founder Len Ainsworth.
Complicating matters, CEO Harald Neumann resigned following advice from the Nevada Gaming Control Board to withdraw his U.S. license application amid political funding scrutiny in Austria. His departure has added uncertainty during a crucial period in Ainsworth’s ownership battle.
Several minority investors remain opposed to Novomatic’s bid. Kjerulf Ainsworth has launched a limited proportional takeover offer to increase his stake from 7.27% to 9.9%, offering AUD 1.30 per share ( above Novomatic’s price ) emphasizing the importance of preserving Australian influence and protecting shareholder value.
The competing bids have highlighted tensions within Ainsworth, dividing those in favor of stability under Novomatic from those advocating for local control. While Novomatic seeks full acquisition to strengthen its global position and gain complete access to Ainsworth’s technology portfolio, shareholder resistance and market dynamics will determine the outcome by the December deadline.
