Kjerulf Ainsworth, son of the founder of Ainsworth Game Technology (AGT), has initiated a strategic move to bolster his investment in the renowned Australian slot machine manufacturer. On October 24, 2025, Ainsworth proposed a proportional takeover bid to acquire an additional 2.9% of AGT shares, offering current shareholders AU 1.30 ($0.84) per share. This bid presents a notable improvement, approximately 30% higher than the AU 1.00 ($0.64) per share proposed by the majority stakeholder Novomatic AG.
This move comes in the wake of a previously unsuccessful arrangement between AGT and Novomatic, which was thwarted in August when Ainsworth spearheaded a shareholder group that opposed the agreement. Should the latest bid be accepted in full, Ainsworth’s ownership would rise from 7.27% to 9.9%, carefully circumventing the 10% threshold that would trigger more stringent regulatory scrutiny under Australian gaming laws.
Ainsworth has consistently advocated for shareholders to have alternative options, arguing that AGT’s intrinsic value, particularly its property assets, has been underestimated. He reiterated his stance, stating, “Shareholders deserve to have access to an alternative offer that better reflects the real value of the company.” Ainsworth hinted at the possibility of further takeover proposals, contingent upon the reception of his current offer, prevailing market conditions, and his ongoing assessment of AGT’s strategic direction.
Expressing his commitment to AGT’s future, Ainsworth characterized his offer as “an opportunity” offering shareholders the chance to “realize cash at a significant premium” for a portion of their shares. He also shared his intention to secure a 12-month board position to advocate for minority shareholders, underscoring his “long-term interest in the future of Ainsworth Game Technology.”
In parallel, Novomatic has fortified its influence over AGT, expanding its shareholding from 52.8% to 61.5% through an unconditional offer. This intensification of the power struggle within the company has precipitated significant executive changes, including the resignation of AGT CEO Harald Neumann earlier this month. Neumann’s departure followed the Nevada Gaming Control Board’s decision not to renew his license, amid media scrutiny in Australia linked to an Austrian investigation into alleged bribery and political funding misconduct during his tenure at Novomatic—allegations that Neumann has refuted.
In the competitive and ever-evolving gaming industry, the dynamics at AGT underscore the volatility and strategic maneuvering characteristic of companies vying for market leadership. The contrasting approaches of Ainsworth and Novomatic highlight the complex interplay between shareholder value propositions and corporate control strategies. Ainsworth’s offer suggests a shareholder-centric approach, emphasizing enhanced value recognition and potential financial gain for investors.
Conversely, Novomatic’s strategy seems focused on consolidation and market dominance. This approach could streamline decision-making and align corporate governance under a unified strategy, arguably enhancing operational efficiency and market presence. However, critics might argue that such dominance could stifle diverse strategic perspectives and undervalue individual shareholder contributions.
As the situation unfolds, industry analysts will be keenly observing the outcomes of Ainsworth’s bid and its impacts on AGT’s corporate governance and market strategy. The unfolding narrative at AGT is not just a testament to personal legacies and strategic investments but also a reflection of broader market forces and the intricate balance of power within the global gaming industry. The stakes are high, as decisions made in boardrooms today will shape the competitive landscape of tomorrow’s gaming world.
Garry Sputnim is a seasoned journalist and storyteller with over a decade of experience in the trenches of global news. With a keen eye for uncovering stories that resonate, Alex has reported from over 30 countries, bringing light to untold narratives and the human faces behind the headlines. Specializing in investigative journalism, Garry has a knack for technology and social justice issues, weaving compelling narratives that bridge tech and humanity. Outside the newsroom, Garry is an avid rock climber and podcast host, exploring stories of resilience and innovation.
