The committee said the offer represents an “acceptable premium.”
Australia.- The independent board committee of Ainsworth Game Technology Limited has recommended that shareholders accept the unsolicited proportional off-market takeover offer from Kjerulf David Hastings Ainsworth, son of company founder Len Ainsworth. Under the proposal, shareholders would receive AU$1.30 per share for up to 5.5 per cent of their shares.
The committee said the offer represents an “acceptable premium” and advised investors to accept the bid in the absence of a superior alternative proposal. It noted that the offer price represents a 23.8 per cent premium on the last trading day before the announcement and a 23.6 per cent premium to the one-month volume-weighted average price prior to the bid period.
The proportional structure of the offer means shareholders can only sell 5.5 per cent of their Ainsworth Game Technology Limited holdings while retaining the remainder. Holders of unmarketable parcels may, under certain conditions, have their full shareholding included in the offer.
The bid is the second attempt by Kjerulf following an earlier offer earlier in the year that targeted 2.9 per cent of each shareholder’s holdings. The board said the cash offer provides investors with a certain exit opportunity for part of their investment, reducing exposure to share price volatility and potential brokerage costs for some investor categories.
The offer is scheduled to close at 7.00pm Sydney time on April 27, unless extended or withdrawn. Controlling shareholder Novomatic AG continues to hold about 67 per cent of the company, while Kjerulf’s stake is estimated at just over 8 per cent. Should shareholders accept the offer, Kjerulf would increase his holding, while the majority of portfolios would remain largely unchanged due to the partial nature of the bid.
The committee said the offer represents an “acceptable premium.” Australia.- The independent board committee of Ainsworth Game Technology Limited has recommended that shareholders accept the unsolicited proportional off-market takeover offer from Kjerulf David Hastings Ainsworth, son of company founder Len Ainsworth. Under the proposal, shareholders would receive AU$1.30 per share for up to 5.5 per…
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