Ainsworth Game Technology shareholders may soon have a key decision to make. Austria-based Novomatic AG is planning to acquire the remaining shares in the Australian slot machine manufacturer that it does not already own. The vote is expected to take place after shareholders receive official documents in July.
Good to know
- Novomatic already holds 52.9% of Ainsworth and aims to acquire the rest.
- Shareholders will be offered AUD1.00 per share in cash.
- Final court approval could come as early as August 2025.
At Ainsworth’s annual general meeting in Sydney, non-executive chairperson Danny Gladstone told investors that official documents on the acquisition will be sent out around July. Those materials will include a report from an independent expert and details from an independent board committee that evaluated the deal.
Gladstone explained that the board committee had reviewed the offer in the context of Ainsworth’s medium- and long-term prospects, and alternatives. The committee concluded that shareholders should vote in favour of Novomatic’s proposal.
“The independent board committee carefully evaluated the proposed offer against the company’s medium and long-term growth prospects and the alternative opportunities available, and unanimously decided to support and recommend that shareholders vote in favour of the offer,” he said at the AGM.
Deal terms and premium offer
Novomatic plans to acquire the 47.1% of Ainsworth that it does not currently own. The proposed cash offer is AUD1.00 per share, or about $0.64 in US currency.
According to Gladstone, that offer stands well above Ainsworth’s recent share prices. It represents a 35% premium over the stock’s closing price on April 24, the final day of trading before the agreement was announced. It also exceeds the stock’s highest price in the past year.
If shareholders vote in favour and other conditions are met or waived, the deal will proceed to court for final approval in August 2025. Should the court approve it, implementation would follow shortly afterward.
Chief executive Harald Neumann also addressed shareholders at the AGM. He said that Ainsworth faced tough conditions during the 2024 financial year, especially in the Americas market.
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