After shareholders of Australian slot machine manufacturer Ainsworth Game Technology Ltd. approved the sale of majority stake to Austrian gambling giant NOVOMATIC AG, the latter will be able to move forward with the proposed acquisition, a Monday statement to the Australian Securities Exchange read.
In February, the Austrian gaming technology company announced that it had penned a purchase agreement with Ainsworth Game Technology founder Len Ainsworth to acquire his 53% stake in the Australian slot machine maker.
Following the announcement about the proposed transaction, hedge fund Fortress Investment Group filed a complaint to block it as NOVOMATIC had revealed that the offer would not be extended to minority shareholders. The complaint was backed by the Australian Securities and Investments Commission and resulted in an investigation being carried out by the Australian Takeovers Panel.
Eventually, vote on the sale was greenlighted and took place earlier today with 61% of all eligible Ainsworth Game Technology shareholders voting in the deal’s favor. NOVOMATIC is to pay almost A$500 million for the 53% majority stake in the Australian gaming technology company.
NOVOMATIC CEO Harald Neumann commented in a statement from earlier today that the deal would benefit Ainsworth Game Technology in various ways and will support the establishment of a stronger company with better opportunities in the highly competitive international market. The official further noted that the Australian company will also expand its international presence, which will imminently help in the creation of long-term shareholder wealth.
Following the positive shareholder vote, the transaction will now have to be granted the necessary regulatory approval and related gaming licenses in order to be completed.
Commenting on today’s announcement, Ainsworth Game Technology CEO Danny Gladstone said that they are really happy about being supported by shareholders and are now looking forward to closing the deal and delivering the benefits promised to the company’s shareholders.
Ainsworth Game Technology was founded in 1995 by Mr. Ainsworth himself. The company has gradually turned into one of the leaders in the production and distribution of gaming machines for the international gambling industry. Headquartered in Sydney, Australia, the company also has offices in the United States and South America.
