An Independent Expert tasked with assessing a plan by European gaming giant Novomatic to assume full control of Australian supplier Ainsworth Game Technology (AGT) has described the scheme as “fair and reasonable”.
Despite vocal opposition by a smaller shareholder block, Lonergan Edwards & Associates Limited stated in a report released Friday that the scheme is “fair and reasonable and therefore in the best interests of Scheme Shareholders in the absence of a superior proposal” because the consideration to be paid to shareholders lies within its assessed valuation range.
Novomatic, which currently owns a majority 52.9% stake in AGT, will pay shareholders AU$1.00 per share to acquire the 47.1% interest it does not already hold should the plan receive all necessary approvals. The deal is valued at AU$158.6 million (US$104.3 million).
