In today’s briefing:
- Ainsworth Game Technology (AGI AU): Novomatic’s Polarising Scheme Offer
Ainsworth Game Technology (AGI AU): Novomatic’s Polarising Scheme Offer
- Ainsworth Game Technology (AGI AU) entered into a scheme implementation deed with Novomatic, its controlling shareholder, at A$1.00 per share, a 35.1% premium to the unaffected price.
- The final offer is unattractive. Kanen Wealth Management opposes the offer. The lack of irrevocables from Spheria and Allan Gray adds to the vote risk.
- Cognizant of the scheme vote risk, Novomatic has the option to switch to an alternative takeover offer, which has a 75% minimum acceptance condition, thereby limiting the downside risk.
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