Novomatic AG’s unconditional takeover offer to acquire all shares in Australian subsidiary Ainsworth Game Technology (AGT) it didn’t already own came to a close late last week, with AGT confirming today that Novomatic’s takeover bid did not succeed and that the related Transaction Implementation Deed has been terminated.
Although final results of the offer have not yet been released, Novomatic’s last declared holding on 29 January had its stake in AGT at 66.59% – up from the 52.9% it held when the takeover offer commenced last August but still well below the 75% it needed to take AGT private.
Novomatic had launched the takeover offer after terminating a previous scheme of arrangement for 100% ownership of AGT when it became clear that a block of smaller AGT shareholders had rallied enough support to block the transaction.
