Novomatic: Ainsworth stake rises to 55.2%, scheme of arrangement withdrawn
The Austrian supplier’s stake in Ainsworth has risen by 2.3% as it looks to close in on its proposed acquisition.
Key points:
– Novomatic’s share ownership in Ainsworth has risen to 55.2%
– The industry giant is maintaining its other takeover bid
– Ainsworth’s Independent Board Committee has recommended that shareholders vote to approve the offer
Novomatic AG has increased its current shareholding in Australian supplier Ainsworth by 2.3% following the termination of a separate scheme implementation deed yesterday.
Following this update, the Austrian supplier now yields a 55.2% stake in Ainsworth and – despite pulling its scheme of arrangement takeover proposal yesterday due to doubts relating to shareholder approval – is maintaining its separate takeover offer of AU$1 (US$0.65) per Ainsworth share.
Elsewhere, Ainsworth has now also confirmed that the New South Wales Supreme Court has made orders cancelling its Scheme Meeting relating to the potential takeover transaction that was scheduled for later this week.
Ainsworth’s official Independent Bord Committee (IBC) has now issued a formal recommendation that shareholders of the company (excluding Novomatic) vote to accept the takeover bid – stating that it has deemed the offer fair and reasonable and does not expect a superior proposal.
As such, the Australian entity will now issue a formal Target’s Statement containing information and independent expert analysis into the fairness of Novomatic’s bid to all shareholders in the coming weeks. The company has requested that shareholders refrain from voting until they have received the Target’s Statement.
Good to know: Traffic sourced from the Australian Stock Exchange shows a massive spike in recent Ainsworth stock activity, with share prices remaining consistent
Indeed, Novomatic’s intention to acquire the remaining Ainsworth shares initially surfaced in April and following relatively disappointing financial results for the supplier during 2024. Following on from this, the company initiated a period of internal restructuring within its senior staffing last month following its acceptance of Novomatic’s proposal.
More recently, last week saw Ainsworth report a 22% year-on-year jump in H1 revenue, although profits and EBITDA both subject to noteworthy decreases. For Novomatic, this latest deal falls in the wake of an additional merger, with the supplier officially having acquired French Vikings Casino Group in early July.
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