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The Austrian giant says its AU$1 bid is final, fair, and backed by independent review, despite pushback from within the Ainsworth family.
Novomatic has made its position clear: there will be no sweeteners, no revised bids. Its AU$1-per-share offer to acquire the remaining stake in Ainsworth Game Technology (AGT) is final, and the company says it stands on solid ground.
With shareholders set to vote on Friday 29 August, Novomatic is pushing ahead with confidence, reaffirming its commitment to a deal it believes is “fair and reasonable.”
From majority to full control
Novomatic wants to take its 52.9% holding in Ainsworth to 100%.
Novomatic’s journey with Ainsworth began in 2016, when it acquired a 52.9% stake from founder Len Ainsworth. In April 2025, it announced plans to acquire the remaining shares, aiming for full ownership via a Scheme of Arrangement. The valuation? AU$1 per share, equivalent to a 35% premium on Ainsworth’s closing stock price prior to the announcement.
This valuation was backed by a report from Lonergan Edwards & Associates, an independent expert tasked with determining whether the scheme served the best interests of minority shareholders.
Pushback from within the Ainsworth camp
Founder’s son Kjerulf Ainsworth wants more transparency on how the company was valued.
Not everyone is convinced. Kjerulf Ainsworth, Len’s son and a major shareholder, has publicly criticised the offer, arguing that it undervalues Ainsworth’s true worth. He’s demanded full access to the expert’s valuation methodology and expressed concerns about whether shareholders are being given the full picture.
His protest has added an emotional undertone to the deal, a family name now at odds with the proposed next chapter of the company’s future.
Novomatic says its offer is “very good” and final
The supplier stands by its bid, saying shareholders have all the information they need.
In an exclusive with Gambling Insider, Novomatic Executive Board Member Stefan Krenn responded firmly: “We believe we have made a very good offer to the Ainsworth shareholders. This has now been confirmed by the opinion of the independent expert.”
That expert placed the full underlying value of Ainsworth between AU$0.93 and AU$1.07 per share, right in line with Novomatic’s AU$1 bid. Krenn also stressed that the Independent Board Committee of Ainsworth unanimously supports the scheme.
“We are bound to the terms of the offer,” Krenn added, reiterating that there is no intention to raise the bid.
Lack of rival bids strengthens Novomatic’s hand
Without a competing offer, the current proposal may be shareholders’ best route forward.
No alternative proposals have emerged since the offer was tabled in April. The scheme booklet openly acknowledges that the absence of a rival bid could cause Ainsworth’s share price to fall if the deal is rejected.
For Novomatic, this only reinforces the position that the scheme is “in the best interests” of shareholders. And with the vote now weeks away, the company has no plans to change course.
Speculation around leadership has not shifted the agenda
CEO Harald Neumann’s history made headlines, but Novomatic says it’s business as usual.
Amid the acquisition push, former Novomatic CEO and current AGT CEO Harald Neumann has returned to the spotlight. Media attention around past investigations by Austrian prosecutors has resurfaced, though Ainsworth has confirmed that all but one have been dropped and that licensing authorities have already been informed.
According to Krenn, these developments have no bearing on the offer or Novomatic’s plans for the company’s future.
What’s next for Ainsworth shareholders
The 29 August vote will determine whether Novomatic takes full control.
With the final offer locked in and leadership aligned, the decision now rests with shareholders. If the scheme is approved, Novomatic will take full ownership of Ainsworth, a brand with deep roots in Australia’s gaming legacy.
If not, the company has warned that the opportunity may not return. The next few weeks will determine whether one of Australia’s most recognisable suppliers moves into its next phase, under the full control of its long-time majority stakeholder.
Source: Gambling Insider
