Exclusive: Novomatic ‘bound’ to ‘very good’ Ainsworth offer and will not raise bid

Key points:

– Novomatic already holds 52.9% stake in Ainsworth Game Technology, after 2016 purchase from Founder Len Ainsworth

– In April 2025, Austria-based giant signed agreement to acquire all outstanding Ainsworth shares

– Kjerulf Ainsworth, Founder Len’s son and major shareholder, recently stated that the offer undervalues Ainsworth’s shares

– Novomatic tells Gambling Insider it is ‘bound’ to ‘very good offer’ and will not be increasing its bid, which values the overall Ainsworth business at approximately AU$336.83m (US$217.82m)

Novomatic AG has reiterated that its offer to acquire all outstanding Ainsworth Game Technology shares will not be increased.

In an exclusive interview with Gambling Insider, the supplier has emphasised the stance it took in a recently released scheme booklet, ahead of Ainsworth shareholders’ vote scheduled for Friday 29 August.

In April of this year, Novomatic signed an agreement to buy all outstanding Ainsworth shares, increasing its ownership stake from the 52.9% it acquired from Founder Len Ainsworth in 2016, to 100%.

This offer was based on a AU$1 (US$0.64) per share valuation via a Scheme of Arrangement, determined by the assessment of an ‘independent expert’ from Lonergan Edwards & Associates Limited. This would value the Ainsworth business at approximately AU$336.83m.

However, major shareholder Kjerulf Ainsworth, the son of Founder Len, recently claimed this offer undervalues Ainsworth’s shares and called for ‘full access’ to the independent valuation, including its methodology.

A scheme booklet has since been provided with full details, speculating that an absence of a superior alternative offer could see Ainsworth shares fall in value were this offer not accepted.

Novomatic Executive Board Member Stefan Krenn explained to Gambling Insider: “We believe we have made a very good offer to the Ainsworth shareholders. This has now been confirmed by the opinion of the independent expert, who concludes that the scheme is fair and reasonable, and in the best interests of the scheme shareholders.

“The independent expert has assessed the full underlying value of Ainsworth at between AU$0.93 to AU$1.07 per share. Our offer represents a 35% premium to the closing price of Ainsworth shares before the transaction had been announced.

Novomatic’s headquarters in Gumpoldskirchen, Austria

“The Independent Board Committee of Ainsworth also believes the scheme is in the best interests of its shareholders (other than Novomatic) and unanimously recommends that shareholders vote in favour of the scheme.”

Asked whether Novomatic feels it has met all requests for further information, Krenn expressed the supplier’s belief that the assessment was “thorough and independent,” and pressed the point that there is no “superior proposal.”

Krenn said: “Novomatic believes a thorough and independent assessment has been made and notes that the Independent Expert’s Report has concluded that the scheme is fair and reasonable, and in the best interests of scheme shareholders, in the absence of a superior proposal.”

Former Novomatic CEO Harald Neumann is the current CEO of AGT and was recently subject to media speculation.

Good to know: Neumann joined us for a Huddle interview at IGA earlier this year, discussing the differences between US and European gaming

In 2019, Austria’s Economic and Corruption Prosecutor’s Office launched an investigation into Neumann.

However, Ainsworth recently issued a statement declaring that all but one of those investigations had been discontinued and that all the relevant licensing bodies had already been made aware of said investigations.

You can read more on the history of Ainsworth in Gaming America magazine’s July/August issue, where we conducted an in-depth profile of the company’s journey.

As for Ainsworth’s future, Krenn told Gambling Insider nothing has changed in Novomatic’s approach ahead of the crucial 29 August vote, despite any protestation from shareholders.

When asked if Novomatic will consider increasing its bid, Krenn said: “No, as stated in the scheme booklet and in Ainsworth’s ASX announcement of 28 April 2025, the offer is best & final – and Novomatic is bound to that.”