Novomatic takeover of Ainsworth collapses after deadline

Novomatic’s long-running effort to complete a full takeover of Ainsworth Game Technology has officially collapsed. The Austrian gaming group failed to secure sufficient minority shareholder support before the final 6 February deadline. As a result, the transaction implementation deed has been terminated. Novomatic will continue as majority shareholder still and will maintain control of approximately 66.6% of the company alongside founder Johann Graf whose $11B net worth is all self-made.

Minority support proves decisive

Since it acquired a 52.9% stake in Ainsworth in January 2018, Novomatic has held a controlling interest. Last year, it started the process to acquire the remaining shares to take the Australian slot manufacturer fully private.

Ainsworth’s independent board committee backed the original offer of AU$1 per share. The bid represented a 35% premium on the last closing share price prior to the proposal. Novomatic made clear it would not raise the offer.

A revised proposal in August mirrored the earlier terms but was treated as an alternative takeover bid running in parallel. Again, the committee recommended shareholders accept, with no superior proposal being offered.

There was incremental progress. Novomatic increased its stake to 59.8% through acceptances during 2025. However, the company ultimately fell short of the required threshold. Multiple deadline extensions, first to December, then January, and finally 6 February, were not enough. There simply wasn’t sufficient backing from minority investors.

Strategic fit remains clear

At the time the deal was first announced, Novomatic executive board member Stefan Krenn described the acquisition as strategically aligned with the group’s international growth ambitions. Ainsworth’s footprint in Asia-Pacific and North America was seen as complementary to Novomatic’s global expansion plans, as a group with a presence in 50 countries already.

While the full takeover has now failed, Novomatic still controls approximately two-thirds of Ainsworth. Operational influence, therefore, remains firmly in its hands.

"For many years, Novomatic has been exemplary in the areas that define a leading company: international technological innovation on the one hand and a clear commitment to its location, employees, and society on the other." -  Monica Rintersbacher, Managing Director of Leitbetriebe Austria

Wider portfolio reshaping

The breakdown of the Ainsworth bid comes during a broader period of portfolio adjustment for Novomatic. In 2025, the group acquired French casino operator Vikings Casino. This meant expansion of its land-based presence in France to around 1,000 gaming terminals across 11 venues.

Conversely, Novomatic also streamlined domestically. It sold its Austrian Admiral business to Tipico Group as part of a strategic move to international markets.

What happens next?

With the takeover no longer proceeding, Ainsworth will remain listed, albeit under majority Novomatic control. Investors will now watch whether Novomatic revisits a full acquisition attempt in the future.

For now, the message is clear. Novomatic came close. But without minority approval, the final step proved just out of reach.