Novomatic Makes Final Offer to Take Over Ainsworth Shares

Australian slot machine maker Ainsworth Game Technology has confirmed that its majority owner Novomatic has returned with a fresh bid to take full control of the company. The Austrian casino technology group, led by founder Johann Graf, already owns just over half of Ainsworth and now wants to buy the rest at AUD1.00 per share.

Good to know

• Novomatic already controls 52.9% of Ainsworth’s shares
• The AUD1.00 per share offer values Ainsworth at around AUD336 million
• Ainsworth’s independent committee continues to recommend shareholder approval in the absence of a better offer

The offer, described as “final” and “unconditional,” will not be raised further. In a Wednesday filing with the Australian Securities Exchange, Ainsworth confirmed that Novomatic’s communication qualifies as an alternative takeover bid under its existing scheme implementation deed dated April 28, 2025.

Ainsworth’s stock edged higher on the news, trading at AUD1.01 on Wednesday morning. Some investors have previously argued that Novomatic undervalued the company, but the latest proposal puts shareholders in a position where they must weigh certainty of liquidity against potential long-term performance.

The company’s independent board committee said it continues to unanimously recommend that shareholders vote in favor of the scheme unless a superior proposal appears. Ainsworth also noted that it will seek court approval to circulate additional information and to delay the shareholder scheme meeting originally scheduled for August 29.

In its first-half 2025 results, Ainsworth acknowledged that the AUD1.00 per share offer implied an equity value of AUD336 million, which was below the company’s net asset value at the time. Management flagged this as an impairment trigger and recorded a AUD2.1 million impairment charge against its online division, citing underperformance in financial results.

Novomatic framed the move as giving Ainsworth shareholders more choice:

“By providing the option to sell into the offer, Novomatic has put the decision-making process back into the hands of Ainsworth’s shareholders, regardless of the size of their holding.”

The company also noted that some shareholders, including members of the Ainsworth family, have signaled they may not support the scheme. If that stance holds, it could block the scheme and remove an option for shareholders to participate. Novomatic, however, emphasized that both the scheme and the takeover bid remain active in parallel.

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