Novomatic AG has increased its stake in Australian slot manufacturer Ainsworth Game Technology Ltd to almost 60%, as it continues its effort to acquire the remaining shares.
The company previously held a 52.9% stake, and the additional shares were acquired on the open market, consolidating Novomatic's position in Ainsworth.
The move comes after a proposed scheme of arrangement between the two companies was terminated in August due to insufficient shareholder support.
Despite the scheme's cancellation, Ainsworth's Independent Board Committee has maintained its recommendation for shareholders to accept Novomatic's unconditional takeover offer, which is set at AU$1.00 (US$0.65) per share. The offer is not subject to due diligence or regulatory approvals and is expected to close in the second half of 2025.
Ainsworth has encouraged shareholders to accept the AU$1.00 per share offer, noting that it represents a premium on the company's recent trading price. The recommendation follows the board's assessment of the offer and the termination of the scheme of arrangement.
Novomatic's takeover bid aims to acquire all remaining shares of Ainsworth, further consolidating its control over the Australian company. The developments mark a step toward completing the takeover, pending shareholder acceptance of the offer.
The Austrian company's strategy involves strengthening its presence in key markets, including the Asia-Pacific and the US regions, through the acquisition of Ainsworth. The increased stake reflects Novomatic's ongoing effort to consolidate its position and advance the takeover process.
Completion of the AU$1.00 per share offer will allow Novomatic to integrate Ainsworth under its operations and expand its footprint in international gaming markets. The outcome of the transaction will depend on the acceptance of the remaining shares by Ainsworth shareholders.
Opposition from significant Ainsworth shareholders meant a change of approach for Novomatic, as its initial offer was deemed too low
