Novomatic Acquires Remaining Stake in Ainsworth for $337 Million
Gaming technology leader Novomatic has secured an agreement to acquire the remaining 47.1% stake in ASX-listed poker machine manufacturer Ainsworth for a total valuation of $337 million. Currently holding a 52.9% interest, Novomatic will purchase shares at $1 each, which is a 35% premium over Ainsworth’s last closing price of 74 cents.
The offer comes with unanimous support from Ainsworth’s independent board committee (IBC), which has recommended that shareholders endorse the proposed scheme of arrangement, contingent upon customary conditions. Novomatic has indicated that this offer is final and will not be increased; however, Ainsworth is still permitted to disburse dividends, which will be deducted from the cash offer.
Ainsworth Chairman Daniel Gladstone emphasized the significance of this proposal, describing it as "compelling" for minority shareholders. He noted that the IBC had thoroughly assessed the proposal in relation to the company’s growth potential and alternative opportunities, concluding that it provides attractive and certain value for Ainsworth’s minority shareholders.
With this acquisition, Novomatic aims to consolidate its position in the gaming market by integrating Ainsworth’s operations more fully. The deal marks a significant step in Ainsworth’s journey, providing minority shareholders with an opportunity to realize value at a premium while also underscoring Novomatic’s confidence in Ainsworth’s long-term growth potential. As the transaction moves forward, the focus will be on ensuring a smooth transition and maximizing shareholder value amidst the evolving dynamics of the gaming industry.
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