Novomatic’s bid to acquire the remaining shares in Ainsworth Game Technology has fallen through after it failed to secure sufficient shareholder support by an agreed deadline.
The takeover offer officially closed on 6 February after several extensions. Novomatic, which already has a majority holding in Ainsworth, required approval from minority shareholders for the deal to progress.
On Wednesday Ainsworth confirmed it had terminated the transaction implementation deed, with the full takeover collapsing.
Novomatic will retain a majority holding in Ainsworth. Together with its founder, Johann Graf, Novomatic controls approximately 66.6% of Ainsworth.
So close yet so far for Novomatic
Novomatic has had a controlling stake in Ainsworth since January 2018 when it secured a 52.9% stake. In April of last year, Novomatic sought to not only increase the holding but to carry out a full takeover.
An initial bid of AU$1 per Ainsworth share was approved by Ainsworth’s independent board committee. This represented a 35% premium on the last closing price of shares in Ainsworth prior to the offer.
Novomatic said it would not increase the offer. It returned in August with an offer which, on paper, was almost identical to the opening proposal. However, the committee viewed it as an “alternative takeover bid”, running parallel to the existing offer. Again, it recommended shareholders vote in favour of the offer, saying it was in their best interests, “in the absence of a superior proposal”.
Novomatic made some progress over the latter part of 2025, gradually increasing its holding to 59.8% via some acceptances. To improve its chances of securing a full takeover, it agreed to extend its offer deadline to 3 December.
This date was shifted again, with shareholders given until 30 January to approve the bid. However, even after another extension to 6 February, Novomatic did not secure enough support among shareholders.
What next for Novomatic?
At the time of the original agreement, Novomatic executive board member Stefan Krenn said the acquisition fitted with the company’s international growth plans, particularly in Asia-Pacific and the US.
Alongside the Ainsworth deal, Novomatic was active within other deals during 2025. Among these was the acquisition of French casino operator Vikings Casino. This extended its land-based footprint in the country to approximately 1,000 gaming terminals across 11 casinos.
Elsewhere, Novomatic sold its Austrian Admiral business to Tipico Group. This formed part of a wider portfolio reshaping, with the company shifting its focus to international growth.
Original article: https://igamingbusiness.com/strategy/ma/novomatic-bid-to-acquire-ainsworth-breaks-down/
