The post Novomatic’s Ainsworth Game Technology Takeover Looks Doomed After Investor Revolt appeared first on Vegas Slots Online News.
Novomatic’s attempt to take over Australian gaming machine manufacturer Ainsworth Game Technology now looks doomed after five major investors revealed they will oppose the bid.
Novomatic already owns almost 53% of the company and was trying to purchase the outstanding shares for AU$1 (US$0.65) apiece. This was a 35% increase on the share price before the offer announcement and valued the company at about AU$336m (US$218m).
group of investors control about 20% of the shares and they believe the offer is too low
The group of investors control about 20% of the shares and they believe the offer is too low. Novomatic submitted its final offer in April and a shareholder vote will take place on August 29. It is blocked from participating in the vote, which swings things in favor of the unhappy investors.
The group alleged in May that the board of directors wasn’t acting in the interests of shareholders by going along with Novomatic’s offer.
The Ainsworth family is the most influential of the disgruntled shareholders, controlling over 13% of the firm through AKHA Holdings. Len Ainsworth co-founded the company in 1995 after having great success with the pokie maker Aristocrat Leisure. He sold 53% of Ainsworth Game Technology in 2018 to Novomatic.
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