European gaming giant Novomatic has submitted an alternative, unconditional bid to acquire all shares that it doesn’t currently own in Australian supplier Ainsworth Game Technology (AGT) at a price of AU$1.00 per share, representing a total consideration of AU$158.6 million (US$104.3 million).
AGT revealed details of the revised offer ahead of its 1H25 earnings call on Wednesday morning, stating that Novomatic’s bid ranks on par with an initial bid launched in April except that Novomatic has now waived any right to include conditions in its takeover bid and it is therefore unconditional.
Novomatic has, however, stated that the offer price is final and will not be increased.
Amid local media reports that a block of AGT shareholders, led by the son of company founder Len Ainsworth, has formed an alliance that plans to vote against the takeover – arguing that it undervalues the company – AGT said in Wednesday’s filing that its Independent Board Committee tasked with reviewing the Novomatic bid has unanimously recommended that shareholders vote in favor.
This comes after an Independent Expert tasked with assessing Novomatic’s original bid to assume full control of described the scheme as “fair and reasonable”.
In its latest filing, AGT stated, “Subject to the Independent Expert concluding and continuing to conclude that the Novomatic Takeover Bid is fair and reasonable or not fair but reasonable to Ainsworth Shareholders and there being no Superior Proposal, each member of theIndependent Board Committee intends to vote the Ainsworth Shares controlled or held by, or on behalf of, them in favor of the Scheme Resolution at the Scheme Meeting and if the relevant Scheme conditions precedent are not met, accept the Novomatic Takeover Bid.”
AGT this week reported a 25% year-on-year increase in group-wide revenues to AU$152.1 million (US$98.1 million), aided by strong growth in the Asia-Pacific and North American markets.
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