The proposed NOVOMATIC Ainsworth takeover has officially collapsed, marking a dramatic end to one of the iGaming industry’s most contentious acquisition attempts. Ainsworth Game Technology Limited confirmed on February 11 that the deal fell through after failing to meet its effectiveness deadline.
NOVOMATIC, which already held a 66.59% majority stake in the Australian gaming provider, had sought to acquire the remaining shares in a transaction that sparked fierce opposition from the outset. Shareholders, including prominent members of the Ainsworth family, vigorously rejected the proposal, arguing it significantly undervalued the company.
The deal’s demise follows multiple postponements as tensions mounted between NOVOMATIC and resistant stakeholders. The original January 30 deadline was extended to February 6, but the transaction ultimately failed to gain the necessary traction.
“Ainsworth advises that it has terminated the Transaction Implementation Deed in accordance with clause 13.1(a) of the Transaction Implementation Deed, effective immediately,” the company stated in its official filing.
The controversy surrounding the acquisition had already taken its toll on Ainsworth’s share price throughout the prolonged negotiations. While company management had indicated support for the NOVOMATIC bid, the shareholder revolt proved insurmountable.
Despite the failed takeover, Ainsworth recently released promising financial projections, forecasting full-year 2025 EBITDA of approximately AUD 48.0 million—roughly in line with prior year performance. The Australian firm now continues as an independent entity, with NOVOMATIC maintaining its substantial but non-controlling stake.
This development highlights the growing influence of minority shareholders in iGaming M&A transactions and serves as a cautionary tale for future acquisition attempts in the sector.
