Novomatic Extends Push for Full Ainsworth Acquisition by a Month

Novomatic AG, Austria's gaming conglomerate, has prolonged its unconditional takeover bid for Sydney-based Ainsworth Game Technology Ltd, listed as AGT on the Australian Stock Exchange (ASX). Shareholders now have until December 3, 2025, to tender any holdings, a month beyond the original deadline of November 3.

The extension reinforces Novomatic's multi-year campaign to consolidate full ownership of the slot machine distributor established by legendary founder Len Ainsworth. Having raised its stake from 52.9% to 60% through market purchases and prior offers, the group moves closer to complete ownership.

Bid Battle Intensity

Novomatic's extended takeover bid for Answorth has reignited corporate tensions with minority shareholders led by Kjerulf Ainsworth, son of the company's late founder. The Austrian firm's offer of AU$1.00 per share values AGT at AU$158.6 million. It also follows a failed attempt in April to consolidate ownership through a Scheme of Arrangement, which was blocked by the Ainsworth family.

In a countermove, Kjerulf initiated a proportional bid to purchase 2.9% of shares at AU$1.30 each, a 30% premium over Novomatic's offer, potentially boosting his stake to 9.9% if adopted. Novomatic has declined to participate in the rival offer, deepening the standoff.

Expert Panel Endorses Bid

Ainsworth's independent board committee has unanimously urged shareholders to accept Novomatic's AU$1.00-per-share offer. Its members term the offer as a "significant premium," considering recent trading levels, and cite full liquidity through an all-cash offer.

The recommendation follows an independent expert assessment commissioned by Ainsworth, which declared Novomatic's bid "fair and reasonable to shareholders, in the absence of a superior proposal." Novomatic's extended deadline allows additional evaluation of competing bids. However, the offer remains conditional on market developments and could be further extended or withdrawn.

Leadership Changes

Novomatic founder Johann Graf has tightened control of Ainsworth, with affiliated entities now controlling most of the Australian company's shares. This consolidated ownership allows the Austrian group to steer the slot company's future.

The acquisition coincides with leadership shifts, as former Ainsworth CEO Harald Neumann exited abruptly after Nevada regulators declined to renew his gaming license. The authorities cite resurfaced allegations of "alleged bribery and political donations" during his Novomatic tenure, claims Neumann has consistently denied.

Despite the executive change and ongoing regulatory scrutiny, both firms continue with their usual business as competing bids unfold. Market analysts suggest that the added window may solidify Novomatic's path to full ownership, despite corporate resistance.