Austrian gaming leader Novomatic AG has extended the closing date of its takeover offer for Ainsworth Game Technology Ltd (AGT), giving shareholders another month to decide whether to sell their holdings. The unconditional bid, initially set to expire on 3 November 2025, will now remain open until 3 December 2025, according to an official filing with the Australian Securities Exchange (ASX).
A Prolonged Bid for Control
Novomatic’s move is part of a long-running effort to secure full ownership of Ainsworth, the Australian slot manufacturer founded by industry pioneer Len Ainsworth. The group already holds a majority stake, which has gradually increased from 52.9% to around 60%, largely through on-market acquisitions and acceptances from its previous offer.
The extension marks the latest stage in a months-long corporate standoff between Novomatic and Kjerulf Ainsworth, Len Ainsworth’s son, who has been leading a minority shareholder group opposing the Austrian firm’s valuation of the company.
In April, Novomatic sought to acquire the remaining shares via a Scheme of Arrangement, but the plan failed after opposition from the Ainsworth family and other stakeholders. The company then opted for a direct takeover bid, offering AU$1.00 per share — a price valuing AGT at AU$158.6 million (US$104.3 million) should the acquisition be completed in full.
According to Inside Asian Gaming, Kjerulf Ainsworth, in response, launched a proportional takeover bid of his own, proposing to buy 2.9% of each shareholder’s stake at AU$1.30 per share. If fully subscribed, his holdings would rise from 7.27% to 9.9%, although Novomatic confirmed it would not participate in the rival offer.
Shareholder Recommendations and Market Reaction
An independent board committee within Ainsworth has already reviewed the competing bids and has unanimously recommended that shareholders accept Novomatic’s offer. According to the committee, the AU$1.00 per share price provides a “significant premium” over the company’s recent trading average and ensures “full liquidity through an all-cash offer.”
An independent expert appointed by Ainsworth’s board also concluded that the Novomatic bid was “fair and reasonable to Ainsworth shareholders, in the absence of a superior proposal.”
Novomatic’s decision to extend the offer period until 7:00 p.m. Sydney time on 3 December 2025 ensures shareholders have additional time to review the competing proposals. The offer may still be extended further or withdrawn, depending on market developments.
Meanwhile, Novomatic founder Johann Graf and related interests have boosted their collective control to approximately 61.5% of Ainsworth’s total shares, consolidating their influence over the company’s direction.
The ongoing takeover has unfolded against a backdrop of corporate turbulence. Harald Neumann, formerly Ainsworth’s CEO, resigned after the Nevada Gaming Control Board (NGCB) decided not to renew his gaming license in the U.S. state. His departure followed the reemergence of earlier allegations related to an Austrian investigation into alleged bribery and political donations during his tenure at Novomatic — claims Neumann has publicly denied.
While his exit has added another layer of uncertainty, both Ainsworth and Novomatic have continued normal operations amid the regulatory developments and competing buyout offers.
Industry observers view the extension as an effort by Novomatic to reinforce market confidence while accommodating cautious investors weighing competing bids. With no alternative superior proposal yet in play, analysts suggest the additional time could allow undecided shareholders to accept what remains the most likely path toward full integration of Ainsworth under Novomatic’s ownership.
