Kjerulf Ainsworth has announced a proportional takeover bid for 2.9% of Ainsworth Game Technology (AGI) shares at AU$1.30 ($0.85) per share, offering minority shareholders a higher cash price than the AU$1.00 per share bid currently tabled by majority shareholder Novomatic AG.
If fully accepted, the bid would raise Ainsworth's ownership from 7.27% to 9.9%, remaining below the 10% threshold that could trigger regulatory complications under gaming licence rules.
In a letter to shareholders, Mr Ainsworth said: "While currently constrained by regulatory requirements that delay me from owning 10% or more of AGI, I believe that shareholders deserve to have access to an alternative offer that better reflects the real value of AGI."
The proposed AU$1.30 per share offer represents a 28.7% premium to AGI's closing price on 21 October 2025 and a 24.1% premium to the company's 30-day volume-weighted average price.
Mr Ainsworth added that his assessment was based on the company's asset backing and long-term fundamentals.
The move follows Novomatic's unconditional AU$1.00 per share offer, which it described in August as "best and final." The Austrian gaming group has since increased its stake in Ainsworth from 52.8% to 61.5% and stated it would seek a delisting from the Australian Securities Exchange if its ownership surpassed 75%.
Ainsworth's bid provides an alternative pathway for shareholders to partially realise value at a higher price while retaining exposure to the company's future performance.
He indicated that further proportional offers could be considered depending on market conditions and acceptance levels, but emphasised that there is no certainty further offers would be made.
Mr Ainsworth also said he would seek a 12-month board seat should one become available, describing it as a way to ensure minority shareholders' interests are adequately represented.
A bidder's statement detailing the offer terms and acceptance process is expected to be circulated to shareholders within two months.
Ainsworth Game Technology is one of Australia's oldest slot manufacturers, founded by Len Ainsworth in 1995 after his earlier success with Aristocrat Leisure
