Novomatic’s attempt to take full control of Ainsworth Game Technology has officially collapsed, after the Austrian gaming giant failed to win enough support from minority shareholders before the final deadline.
The offer expired on 6 February following multiple extensions. Although Novomatic already holds a controlling stake in Ainsworth Game Technology, the transaction required broader shareholder approval to move from majority ownership to full acquisition.
On Wednesday, Ainsworth confirmed that the transaction implementation deed had been terminated, formally ending the takeover process.
Novomatic will retain its majority position. Together with founder Johann Graf, the group controls approximately 66.6% of Ainsworth’s shares.
A bid that never quite crossed the line
Novomatic first secured control of Ainsworth in January 2018, acquiring a 52.9% stake. In April last year, it moved to consolidate ownership by launching a bid to acquire the remaining shares.
The initial offer of AU$1 per share represented a 35% premium to Ainsworth’s last closing price before the proposal. The company’s independent board committee recommended shareholders accept the bid, citing its attractiveness in the absence of a superior alternative.
Novomatic made clear it would not raise its price. In August, it tabled what was effectively a parallel offer on similar terms, which the independent committee again endorsed.
Over the course of 2025, Novomatic gradually increased its stake through acceptances, reaching 59.8%. To build further momentum, it extended the deadline first to early December, then to 30 January, and finally to 6 February.
Even with the additional time, the group was unable to secure the level of minority shareholder backing required to complete a full buyout.
Strategic implications
For Novomatic, the failed bid leaves it in a familiar but incomplete position: majority control without full integration flexibility.
At the time the offer was launched, executive board member Stefan Krenn described the acquisition as aligned with Novomatic’s international growth strategy, particularly in Asia-Pacific and the United States, where Ainsworth has established distribution channels and regulatory licences.
Full ownership would have simplified corporate structure and potentially improved capital allocation and operational alignment. Instead, Novomatic must continue to operate Ainsworth as a listed subsidiary with minority investors.
Portfolio reshaping continues
The stalled takeover contrasts with other strategic moves made by Novomatic in 2025. The company expanded its French land-based presence through the acquisition of Vikings Casino, adding around 1,000 gaming terminals across 11 venues.
At the same time, Novomatic streamlined its domestic portfolio by selling its Austrian Admiral business to Tipico Group, signalling a broader pivot toward international markets.
The Result
The breakdown of the Ainsworth deal underscores the limits of majority control when minority shareholder approval thresholds are not met. Despite offering a substantial premium and holding a dominant stake, Novomatic could not bridge the final gap.
For Ainsworth, the outcome preserves its listing status and minority investor base, while maintaining Novomatic as its controlling shareholder.
For the wider gaming sector, the episode highlights a cautious shareholder environment. Even in a consolidating industry, strategic logic and premium pricing are not always enough to secure full buyouts – particularly when controlling stakes are already in place.
Novomatic may revisit its ambitions in the future. For now, however, its bid stops short of full ownership.