Novomatic's Ainsworth bid fails due to founding family opposition
The slot developer AGT formally canceled the agreement after failing to reach the necessary 75% approval for privatization. The offer of 1 Australian dollar per share was considered insufficient by the brand's heirs, who questioned the valuation of the assets in the U.S.
The attempt by Novomatic to take full control and privatize the Australian Ainsworth Game Technology (AGT) has come to an end. After two extensions in the negotiation deadlines, the last with a deadline of February 6, AGT confirmed the cancellation of the acquisition agreement because the proposal did not achieve majority support from minority shareholders.
Although the Austrian giant already owned 52.9% of the shares since August 2025 and managed to raise its stake to 66.59% by the end of January, the figure fell short of the 75% required by Australian regulations to complete the takeover.
A valuation in the eye of the storm
The main obstacle was the Ainsworth family itself, which strongly opposed the offer of 1.00 AUD (approx. 0.60 EUR) per share. According to statements by Kjerulf Ainsworth to the Australian Financial Review, the proposal of 68.7 million Australian dollars seriously underestimated the real value of the company, especially its strategic assets in Florida and Nevada.
The family resistance was such that Kjerulf himself presented a counteroffer and demanded that the board justify how Novomatic’s price represented a fair value for the business, ultimately managing to block the operation.
A path marked by instability
The acquisition process was not free from external controversies that affected confidence in the transaction. In October 2025, Novomatic’s former CEO, Harold Neumann, was forced to resign after Nevada regulators rejected his gaming license application.
This was compounded by reports of investigations by Austrian authorities for alleged corruption involving Neumann, although no formal charges were ever filed. This regulatory and reputational noise appears to have strengthened the stance of dissenting shareholders, closing the door, at least for now, to the full integration of Ainsworth under the Novomatic umbrella.
Tags: United States, USA, Novomatic, AGS, Ainsworth