Kjerulf Ainsworth, son of Len Ainsworth, the founder of Ainsworth Game Technology (AGT), has made a significant decision to extend his off-market takeover bid for an additional 2.9% of the company’s shares. Initially set to expire on January 22, 2026, the offer period has now been extended until 7:00 pm (Sydney time) on January 30, 2026. This extension is seen as a tactical maneuver in the ongoing corporate battle for control of the Australian slot machine manufacturer.

Ainsworth is offering AU$1.30 per share to AGT’s existing shareholders, a 30% premium over the AU$1.00 per share previously offered by Novomatic, the largest shareholder in AGT. This bid would increase Kjerulf Ainsworth’s stake in the company from 7.27% to 9.9%. However, this increase would keep his shareholding just below the 10% threshold, avoiding potential regulatory scrutiny under Australian gaming license rules.

Ainsworth vs Novomatic: The Corporate Tug-of-War

The extension of the bid comes in the midst of a corporate standoff, with Kjerulf Ainsworth and Novomatic locking horns over the future direction of AGT. Novomatic, an Austrian gaming equipment supplier, has been aggressively pursuing full control of AGT in an attempt to expand its global footprint and strengthen its presence in the lucrative Australian market. The European company aims to acquire a majority stake in AGT, thereby significantly influencing the company’s operations and positioning itself as a dominant player in the region’s gaming machine industry.

In August 2025, Novomatic’s previous takeover bid was blocked by a shareholder revolt led by Kjerulf Ainsworth, which resulted in the termination of the scheme of arrangement. This move left Novomatic with a weakened position, though it quickly ramped up its efforts to gain control through on-market purchases and additional off-market takeover offers. As a result, Novomatic’s shareholding in AGT has increased from 52.9% to over 65%.

In response to Novomatic’s efforts, Kjerulf Ainsworth has launched his own takeover offer, emphasizing that Novomatic’s offers undervalue AGT. His latest offer, which has been extended to January 30, seeks to secure an additional 2.9% of AGT’s shares, bringing his total holding to 9.9%. However, despite this strategic extension, the bid has faced resistance from Novomatic, which has publicly stated it will not accept the offer.

AGT filed a statement (pdf) with the Australian Securities Exchange (ASX), reiterating Novomatic’s stance. The statement also clarified that Novomatic, holding 65.2% of AGT shares, intends to reject the proportional offer. However, Kjerulf’s bid remains open to other shareholders, with the possibility of acquiring up to 2.69 million shares if enough acceptances are secured. This would result in Kjerulf holding approximately 8.1% of AGT’s shares, further solidifying his position within the company.

The Future of AGT: A Family-Run Company in Transition

The battle for control of AGT reflects a broader strategy by Kjerulf Ainsworth to increase his influence within the company while preventing Novomatic from taking full control. Kjerulf has expressed concerns about Novomatic’s valuation of AGT and hinted that he may make further offers in the future, depending on market conditions and shareholder sentiment. His efforts to block Novomatic’s dominance in the company showcase his commitment to keeping AGT under the control of its founding family.

AGT’s future remains uncertain as the two competing offers continue to put pressure on shareholders. The outcome of this bidding war will likely play a crucial role in determining the company’s strategic direction and its place in the global gaming equipment market. As shareholders weigh the options before them, the company’s next steps could have far-reaching implications for AGT’s position in the gaming industry, both in Australia and abroad.

The standoff between Kjerulf Ainsworth and Novomatic is not just a battle for shares; it’s a contest for control over the future of AGT. Kjerulf Ainsworth’s vision for the company contrasts sharply with Novomatic’s plans to consolidate its position in the Australian market. The extended offer period gives AGT shareholders more time to evaluate the competing proposals and decide who will ultimately steer the company into the future.

With a significant portion of AGT’s shares in play, the outcome of this bidding war could reshape the company’s future. Kjerulf’s bid may not have the backing of Novomatic, but if enough shareholders support his offer, it could change the dynamics of AGT’s operations. This ongoing saga promises to be a pivotal moment in AGT’s history, with long-term consequences for both the company and the broader Australian gaming industry.