The post Novomatic Takeover Bid Fails After Falling Short of 75% Shareholder Support appeared first on Vegas Slots Online News.
Novomatic was unsuccessful in its attempt to buy out the remaining shares of Ainsworth Game Technology, as its takeover bid did not get the necessary 75% shareholder approval to take the Australian gaming machine manufacturer private.
Ainsworth issued a statement confirming that its AU$1 (US$0.71) per share offer expired on February 6 without getting enough support. The bid was a 35% premium over the share price before the offer was announced.
viewed it as undervaluing key assets
Members of the Ainsworth family specifically were against the transaction, as they viewed it as undervaluing key assets. They especially highlighted Nevada and Florida properties, calling on the board to justify the transaction value. A group of investors went so far as to suggest that the board didn’t have shareholders’ interests in mind by recommending the offer.
Novomatic had a stake of almost 67% in Ainsworth as of its most recent financial disclosure on January 29. It originally announced the planned purchase of the then-outstanding 47% stake in April 2025, at a valuation of AU$230m (US$164m). Novomatic owned 53% of Ainsworth at the time. It cannot make another bid for at least four months.
Founder Len Ainsworth originally sold a 53% stake to Novomatic in 2016 and the family still controls over 13% of the company through AKHA Holdings.
The post Novomatic Takeover Bid Fails After Falling Short of 75% Shareholder Support appeared first on Vegas Slots Online News.
