Austrian gaming giant Novomatic AG has increased its shareholding in Ainsworth Game Technology (AGT) to 59.8%, according to a recent filing with the Australian Securities Exchange.
The move, up from 58.8% earlier this month, signals a strengthening of Novomatic’s position as it continues to pursue a full takeover of the Australian gaming machine manufacturer.
The increase in ownership was achieved through a combination of on-market purchases of AGT stock and further shareholder acceptances of Novomatic’s ongoing off-market takeover bid.
The unconditional offer, which was first announced in August, is priced at AU1.00(US0.65) per share, valuing Ainsworth at approximately AU$336.8 million on a fully diluted basis.
Last week, Ainsworth’s Independent Board Committee (IBC) reiterated its strong recommendation that shareholders accept the offer.
The committee described the bid as a “significant premium” to recent market trading levels, a view supported by an appointed independent expert who concluded the deal was “fair and reasonable” in the absence of a superior proposal.
The history between the two companies dates back to 2016, when Novomatic first acquired a controlling stake from founder Len Ainsworth.
In a target’s statement, Daniel Gladstone, Chair of the IBC, advised shareholders to evaluate the offer based on their individual financial positions.
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.
Novomatic AG has clearly stated its future intentions for the company. If its ownership stake reaches 75%, it plans to apply to delist Ainsworth from the Australian Securities Exchange.
Should its holding reach the 90% threshold, it would trigger a compulsory acquisition of all remaining shares. The transaction is expected to close by early November 2025, subject to further acceptances from shareholders.
