Austrian gaming giant Novomatic and its founder Johann Graf have increased their stake in Australian slot machine supplier Ainsworth Game Technology, which now sits at 55.2%.
According to a filing with the Australian Securities Exchange, the combined entities of Novomatic AG, JFG Privatstiftung and NovoInvest GmbH, as well as Graf, upped their interest from 52.9% via two transactions on 25 and 26 August. In total, they acquired an additional 7,749,576 shares at AU$1.00 per share, representing a total consideration of AU$7,749,576 (US$5,029,920).
The transactions were conducted around the time that Novomatic and Ainsworth terminated a scheme of arrangement under which Novomatic was looking to take 100% ownership, with the two companies having confirmed in an earlier filing on Tuesday that they have deemed it unlikely specific conditions precedent would be satisfied.
Novomatic is proceeding with an unconditional takeover bid through which it will acquire all of the shares of any shareholders who accept the offer.
Ainsworth’s Independent Board Committee has stated that it maintains a unanimous recommendation that shareholders accept the Novomatic takeover bid, subject to an independent expert concluding and continuing to conclude that the bid is fair and reasonable, or not fair but reasonable to AGT shareholders and there being no superior proposal.
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