Novomatic stake in Ainsworth rises to nearly 60% as takeover bid advances
Novomatic has lifted its holding in Ainsworth to 59.8% after a series of share acquisitions.
Key points:
– Novomatic and founder Johann Graf now control 59.8% of Ainsworth’s shares
– Takeover offer remains at AU$1.00 per share, valuing the business at AU$336.8m
– Ainsworth’s board has unanimously recommended shareholders accept the bid
Novomatic AG has increased its stake in Ainsworth Game Technology (AGT) to almost 60%, according to a filing to the Australian Securities Exchange.
The Austrian supplier and its founder Johann Graf now control 59.8% of shares, up from 58.8% earlier this month.
The increase came through on-market purchases of Ainsworth stock and further acceptances of Novomatic’s off-market takeover offer.
That bid, announced in August, remains unconditional and priced at AU$1.00 (US$0.65) per share. The offer values Ainsworth at approximately AU$336.8m on a fully diluted basis.
Last week, Ainsworth’s Independent Board Committee (IBC) reiterated its recommendation that shareholders accept the offer.
The committee described it as a “significant premium” to market trading levels, while the appointed independent expert also concluded the deal was “fair and reasonable” in the absence of a superior proposal.
Good to know: Novomatic first acquired a controlling stake in Ainsworth in 2016, when it bought 52.9% from founder Len Ainsworth
Novomatic had originally pursued a scheme of arrangement announced in April, but this was terminated in late August after doubts about shareholder approval. A separate takeover bid has since been maintained.
Daniel Gladstone, Chair of the IBC, told shareholders in a target’s statement: “You should consider the Takeover Offer having regard to your own personal risk profile, investment strategy and tax circumstances. If you are in doubt as to whether to accept or reject the Takeover Offer, you should seek your own independent professional advice.”
If Novomatic reaches 75% ownership, it has signalled its intention to delist Ainsworth from the Australian Securities Exchange. A holding of 90% would trigger compulsory acquisition of remaining shares.
The company has said it expects the transaction to close by early November 2025, subject to further acceptances.
For Ainsworth, the deal comes after its latest half-year results showed revenue of AU$152.1m, up 22% year-on-year, though EBITDA fell 63.5%. Novomatic, meanwhile, has been expanding its portfolio, with its acquisition of France’s Vikings Casino Group earlier this year.
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