Novomatic has proposed a parallel takeover offer for the remaining shares in Ainsworth, amid reports some shareholders, including the Ainsworth family, oppose the original bid for the supplier.
In April, privately owned Novomatic tabled a scheme implementation deal that would see the Austrian business pay A$1 (48p) per share for the remaining Ainsworth stock.
Novomatic owns 52.9% of the business already. The scheme implementation will be put to Ainsworth shareholders on 29 August.
However, reports have suggested that shareholders and the Ainsworth family, who own around 20% of the stock, have signalled their opposition to the deal.
The Australian Financial Review reported that those shareholders feel the Novomatic offer undervalues Ainsworth.
The new takeover offer also values the remaining shares at A$1 each. The offer is unconditional, meaning Novomatic can continue to purchase Ainsworth shares on-market or below the A$1 price.
Ainsworth’s independent board committee has already given its backing to the scheme implementation and has since extended the recommendation to the takeover offer.
Novomatic added that should the scheme not be approved, it would take a “more active approach” to its investment.
This could include adding a fifth director to the Ainsworth board in the shape of a Novomatic representative or undertaking a strategic revenue of Ainsworth’s business.
The review could include exploring Ainsworth’s “dividend and cash retention policy, assets, operations, structure, employees, future capital requirements and funding mix”.
Stefan Krenn, a member of Novomatic’s executive board, said: “Novomatic’s unconditional takeover offer provides instant liquidity to all Ainsworth shareholders and ensures every Ainsworth shareholder is able to make their own decision in relation to the offer, regardless of the outcome of the scheme meeting.
“We note that a small number of shareholders including members of the Ainsworth family, have indicated they will not support the scheme of arrangement. This decision, if implemented, may block the scheme and would eliminate the opportunity for Ainsworth retail shareholders to participate in the scheme.
“By providing the option to sell into a takeover offer, Novomatic has put the decision-making process back into the hands of individual shareholders, regardless of the size of their holding.”
Yesterday, 19 August, Ainsworth reported its financial performance for the six months ending 30 June 2025.
Revenue rose from A$121.4m in 2024 to A$152.1m, while underlying EBITDA was flat at A$26.9m.
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Austrian supplier tables takeover bid alongside existing scheme implementation deal, yet some Ainsworth shareholders are expected to oppose the move
The post Novomatic submits “unconditional” takeover offer for Ainsworth first appeared on EGR Intel.