Novomatic Full Takeover of Ainsworth Game Technology Collapses

Novomatic attempt to acquire full ownership of Ainsworth Game Technology has ended after the company failed to secure enough minority shareholder approval by the final deadline.

Good to Know

• Takeover offer officially closed on 6 February
• Novomatic already controls about 66.6 percent of Ainsworth
• Initial offer stood at AU$1 per share, a 35 percent premium

Ainsworth confirmed on Wednesday that the transaction implementation deed had been terminated, bringing the proposed full takeover to a close. Novomatic will keep its majority position in the gaming technology company but will not move to 100 percent ownership.

Novomatic, together with founder Johann Graf, controls roughly 66.6 percent of Ainsworth. Company first secured control in January 2018 after acquiring a 52.9 percent stake. Since then, it has operated as the dominant shareholder.

Push for full ownership gained traction in April last year when Novomatic sought to increase its holding and complete a buyout of remaining shares. Proposal offered AU$1 per Ainsworth share. That price represented a 35 percent premium compared with the last closing share price before the bid became public.

Ainsworth independent board committee approved the initial offer and advised shareholders to vote in favor. Novomatic stated clearly it would not raise the price. Later, in August, the company returned with a bid that on paper looked almost identical to the first proposal. Committee described it as an “alternative takeover bid” running alongside the original offer. Once again, it recommended support, noting the offer was in shareholders best interests “in the absence of a superior proposal”.

Progress followed during the latter part of 2025. Novomatic gradually lifted its stake to 59.8 percent through acceptances tied to the offer process. In an effort to strengthen its chances, the company extended the deadline multiple times.

Original extension moved the closing date to 3 December. Later, shareholders received until 30 January to respond. Final extension pushed the deadline to 6 February. Even with additional time, required level of minority shareholder backing did not materialize.

Under Australian takeover rules, majority holders seeking full control often require approval from a set percentage of remaining shareholders. Without that threshold, transaction cannot proceed. In this case, minority support fell short.

Ainsworth Game Technology operates as a global supplier of slot machines and gaming systems. Company products feature across Australia, North America, and Latin America. Novomatic, one of the largest gaming technology groups in Europe, has continued to expand its international footprint through strategic acquisitions and partnerships over the past decade.

Full ownership would have streamlined corporate structure and allowed Novomatic to integrate Ainsworth operations more tightly into its global gaming portfolio. However, resistance from minority shareholders suggests some investors preferred to retain exposure or sought improved terms.

Search interest around Novomatic takeover bid, Ainsworth Game Technology shares, AU$1 offer premium, and Australian gaming acquisition has increased following confirmation of the collapse. Market participants will now watch whether Novomatic revisits a revised proposal in the future or maintains its current majority structure.

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