Kjerulf Ainsworth Proposes to Acquire Additional 5.5% Stake in Ainsworth

Kjerulf Ainsworth’s Latest Acquisition Bid

Kjerulf Ainsworth has recently made an offer to purchase 5.5% of Ainsworth’s ordinary shares at a price of AUD 1.30 each. This move follows shortly after the collapse of Novomatic’s attempt to take full control of the company.

An Attractive Premium Pricing

Already a significant shareholder, Kjerulf Ainsworth has aimed to increase his holdings in the company. Earlier, he put forward a bid for a 2.9% stake during Novomatic’s takeover attempt. His latest offer stands out as it offers a 23.8% premium over Ainsworth’s recent closing share prices, highlighting its attractiveness to shareholders. The AUD 1.30 per share offer surpasses Novomatic’s previous bid, which was priced at AUD 1 per share.

Novomatic’s takeover bid had been delayed for several months and eventually failed due to a lack of sufficient support from shareholders, many of whom believed the offer undervalued the company.

Currently, Kjerulf Ainsworth owns an 8.17% stake in Ainsworth. If his latest acquisition bid is successful, it could raise his total holding to approximately 13.25%, though this depends on approval from other shareholders since the offer targets 5.5% of every shareholder’s stake.

The takeover offer from Kjerulf Ainsworth will remain available until April 2026.

Background: Challenges in Novomatic’s Takeover Effort

Novomatic, which holds a majority stake of 66.59% in Ainsworth, previously sought to fully acquire the company by buying all remaining shares. However, their bid faced resistance from the Ainsworth family and other shareholders, who opposed the deal. This shareholder discord led to multiple delays in the acquisition process and adversely affected the company’s share price.

As a result, Ainsworth’s shares are currently valued at AUD 1.08 each as of the latest market update.