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Novomatic’s plan to buy out the remaining shares in Ainsworth has collapsed after shareholders refused to back the deal.
In an ASX filing on 11 February, Ainsworth confirmed that the bid closed on 6 February at 7 pm Sydney time without reaching the 75% approval threshold required to take the company private. The Austrian gaming giant, already a majority shareholder, had offered A$1.00 (€0.60) per share, but opposition from members of the Ainsworth family proved decisive.
Kjerulf Ainsworth criticized the offer as undervaluing the company’s US assets. He told the AFR that Florida and Nevada properties were worth A$116.1 million compared to the A$68.7 million figure used in the bid.
He then urged the board to reassess the valuation and explain how the A$1 per share proposal could be justified for shareholders.
“That would be a starting point. We’d like full access to the properties for an updated valuation, a clear answer on when the properties were last valued, by whom, the assessed value and the methodology, an answer as to why the independent board about the scheme has not addressed the property valuations,” he told newspapers at the time.
Final results yet to be announced
Although the final outcome of Novomatic’s failed takeover bid has not been officially released, the company confirmed it held a 66.59% stake in Ainsworth as of January 29.
In the meantime, Ainsworth has updated its financial outlook, reducing its projected underlying profit for FY25 to A$21.0 million, slightly down from the earlier forecast of A$21.5 million. The company also reported a non-cash goodwill impairment of A$43.1 million tied to its acquisitions of Nova Technologies and MTC Gaming Inc., reflecting weaker performance in North America.
Despite these setbacks, Ainsworth expects EBITDA for the year to reach A$48.0 million, roughly in line with results from 2024.
Leadership changes have added to the turbulence, with former Novomatic CEO Harold Neumann resigning in October 2025 after Nevada regulators rejected his gaming license application. That decision followed earlier investigations by Austrian authorities into corruption allegations, though no charges were filed.
Source: NEXT.io
