Austrian gaming giant Novomatic AG has extended by a month its offer to acquire from other shareholders all shares it doesn’t already own in Australian slot machine supplier Ainsworth Game Technology (AGT).
The unconditional offer had been due to expire on 3 November but has instead been extended to 3 December, AGT confirmed in a filing with the Australian Securities Exchange.
Novomatic first revealed in April its intention to pursue a full takeover of AGT by way of a Scheme of Arrangement but was forced to pursue an alternative route after it became apparent that the scheme would be blocked by a group of shareholders led by Kjerulf Ainsworth, son of company founder Len Ainsworth.
Since then, the offer has seen Novomatic increase its holding in AGT from 52.9% to around 60%. Kjerulf Ainsworth has also been looking to increase his stake, albeit at a smaller rate, via a proportional takeover bid that if fully accepted would see his interest in the company grow from 7.27% to 9.9%.
Ainsworth is offering AU$1.30 per share while Novomatic has valued AGT shares at AU$1.00 per share, representing a total consideration of AU$158.6 million (US$104.3 million) should it succeed in full acquisition.
The battle of wills between Novomatic and Kjerulf Ainsworth has already claimed one scalp, however, with Harald Neumann tending his resignation as AGT’s its CEO after the Nevada Gaming Control Board (NGCB) opted against renewing his license in the state.
Neumann had made headlines in Australia in recent months after historical allegations relating to an ongoing investigation in his home country of Austria around alleged bribery and illicit political funding during his time as CEO of Novomatic resurfaced. Neumann has denied the allegations.
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