Novomatic, an Austrian gambling giant, has announced its final offer to acquire the remaining shares of Ainsworth Game Technology (AGT). The company said the price remains at AUD 1 per unit and is not subject to increase as it has been deemed fair and reasonable by independent experts.
Transition to a Full Takeover
A stakeholder vote on the complete buyout is scheduled for August 29th. The Austrian brand currently owns 52.9% of AGT assets and intends to acquire the remaining ones.
Timeline of key events related to the deal:
- First initiatives. The 2 companies began collaborating in 2016, when Novomatic received a controlling share as a result of a deal with Len Ainsworth, the Australian enterprise’s founder.
- Idea of a full takeover. In April 2025, plans were first announced to buy out the remaining part through a Scheme of Arrangement, with an offer of AUD 1 per unit. The amount corresponds to a 35% premium on the closing asset cost as of the date before the deal was announced.
- Opposition and concerns. Kjerulf Ainsworth, AGT’s major stakeholder and the founder’s son, has called for a revision with greater transparency. He has criticised Novomatic’s offer, claiming that the figure is understated. Demands include full access to the calculation method used by independent experts.
Lonergan Edwards & Associates, a reputable valuation-specialised agency, conducted the estimation of assets.
Novomatic’s Reaction to Pushback
The Austrian corporation maintains its position, claiming that shareholders have all the necessary information to make a decision, and there is no need to revise the price.
Stefan Krenn, a member of Novomatic’s Executive Board, believes that AGT’s representatives were offered a fair deal, which a specialised agency confirms. Its experts estimated the asset value in the range of AUD 0.93 to AUD 1.07 per share. The AUD 1 proposal is fully consistent with these indicators.
Additionally, Ainsworth’s Independent Board Committee unanimously supported the provided cost. Therefore, Novomatic’s team does not plan to increase the bid. The Austrian giant’s policy remains transparent and consistent.
For AGT, the situation is complicated by the lack of competitive offers since the announcement in April. This situation could lead to a decrease in the final price if the current agreement is abandoned.
Shareholders are given 2 options:
- accept Novomatic’s proposal and completely integrate into its global operational ecosystem;
- reject the deal and retain partial control over the company, risking a decline in the asset value.
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