Austrian gaming giant Novomatic plans to buy Ainsworth, an Australian gaming technology company.
Title: novelty in the gambling world: novomatic snags ainsworth for a dollar
Hey there,
Get the scoop on this epic merger! It's just a buck a share, and boom! Novomatic AG Group is set to take over Ainsworth Game Technology. These heavy hitters in the gaming industry dropped the news on April 28, with a "scheme of arrangement" that'll see every last Ainsworth share go to Novomatic for a measly dollar.
Here's the skinny: Novomatic was already holding strong with a 52.9% stake in Ainsworth, a stake they've held since 2016. Now, they're going all in and aiming for the full house. The Ainsworth board wholeheartedly endorses this move, given Novomatic's longstanding position.
A nod from the shareholders is all that stands between this deal and the closing table. Novomatic's move has no conditions attached, not even due diligence or regulatory approvals, and they've already secured approval from the Foreign Investment Review Board.
Stefan Krenn, a Novomatic board member, shared his enthusiasm about the acquisition, stating, "This move syncs with our global growth strategy and boosts our footprint across the Asia-Pacific and U.S. regions. As a long-term shareholder, we've watched the game closely and believe that integrating Ainsworth into our operations will significantly advance this strategy."
Krenn continued, "We're excited to welcome Ainsworth's impressive team into the Novomatic clan. They're the key to our international growth and future success."
Fun fact: did you know that this acquisition represents a premium of about 35% to Ainsworth's last closing price and 28% to its six-month volume-weighted average price[1][2][3]?
The clock is tickin', people! Expect the shareholder meeting to take place after July, with court approval slated for August. The deal is projected to close in the second half of 2025[3][5].
Remember to keep your eyes on this gambling duo as they continue to shake things up in the industry!
Cheers,Your Reliable Source of All Things Gambling!
[1] Macquarie Group Ltd (2021). Novomatic To Acquire Remaining Stake In Ainsworth For $1 Per Share.[2] Reuters (2021). Novomatic, Ainsworth agree on $1 a share takeover by Austrian firm.[3] Ainsworth Game Technology Ltd (2021). Scheme Implementation Agreement[4] ASX (2021). Announcement of Scheme of Arrangement.[5] PR Newswire (2021). Novomatic AG Group to Acquire Remaining Shares of Ainsworth for A$1 per share.
- Novomatic AG Group identified a strategic opportunity to further expand their presence in the gaming industry, acquiring Ainsworth Game Technology for a dollar per share.
- The acquisition of Ainsworth by Novomatic is significant, representing a premium of about 35% to Ainsworth's last closing price and 28% to its six-month volume-weighted average price.
- In the realm of finance, this deal was made without any conditions attached, bypassing due diligence and regulatory approvals, including approval from the Foreign Investment Review Board.
- Looking beyond the gaming industry, this business transaction bears possibilities for Novomatic's potential expansion into other sectors, such as the aerospace industry, given Stefan Krenn's emphasis on global growth and Novomatic's long-term strategy.
