Novomatic Renews Efforts to Acquire Australian Slots Supplier AGT
European gaming company Novomatic has renewed its push to acquire full ownership of Ainsworth Game Technology (AGT) with a revised offer that removes all conditions from the proposed deal. The company submitted an alternative, unconditional bid to purchase the remaining shares it does not already own in the Australian slot machine supplier at a price of AU$1.00 per share. The bid represents a total transaction value of AU$158.6 million (US$104.3 million).
LISTEN TO THIS ARTICLE:AGT disclosed details of the revised proposal ahead of its half-year 2025 earnings call on Wednesday. The company noted that the new offer mirrors Novomatic's initial bid from April in terms of pricing, but the key change is the unconditional nature of the takeover attempt. Novomatic confirmed that the AU$1.00 per share price is final and will not be subject to adjustment.
The proposal arrives amid reports that a group of AGT shareholders, led by the son of company founder Len Ainsworth, intends to oppose the takeover on the grounds that it undervalues the business. Despite this opposition, AGT's Independent Board Committee, which was formed to evaluate Novomatic's bid, has issued a unanimous recommendation that shareholders approve the offer.
The recommendation follows advice from an Independent Expert that had previously described Novomatic's original conditional proposal as fair and reasonable.
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AGT clarified in its latest filing that, provided the Independent Expert continues to assess the revised takeover as fair and reasonable or not fair but reasonable, and in the absence of any superior proposal, each member of the Independent Board Committee will vote the Ainsworth shares under their control in favor of the scheme resolution. Should the necessary scheme conditions precedent not be satisfied, they would then proceed to accept the unconditional takeover bid.
The takeover offer comes at a time when AGT has reported strong financial results for the first half of the 2025 fiscal year. The company posted an 81% increase in revenue from the Asia-Pacific region, reaching AU$34.6 million (US$22.3 million) for the six months ending June 30. This growth significantly contributed to improved consolidated group results for the period.
Overall group revenue rose 25% to AU$152.1 million (US$98.1 million), supported by robust performance in Asia-Pacific. The company attributed this surge to the successful release of its a-Star Raptor cabinet in February. Unit sales climbed 90% in the reporting period to 1,049 machines, with an average selling price of AU$25,900 (US$16,710). This product rollout has been identified as a key driver of the company's expanded market presence and revenue base.
The share of Asia-Pacific revenue as a proportion of AGT's overall business has also grown significantly, accounting for 20% of group-wide sales compared with 14% in the same period last year. Profitability in the region improved sharply, with segment profit increasing from AU$1.6 million (US$1 million) in the previous year to AU$7.9 million (US$5.1 million) in the current half-year.
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