Kjerulf Ainsworth Unveils New Bid for 5.5% Stake in Ainsworth Game Technology

Key Points

• Kjerulf Ainsworth placed a proportional takeover bid to purchase 5.5% of Ainsworth Game Technology ordinary shares with payment set at A$1.30 for each share.
• His offer places a 23.8% premium above the company’s closing share price on 10 March and stands near 30% above Novomatic’s earlier A$1 offer.
• Full acceptance of the proposal would move his holding from around 8.17% to nearly 13.25% ownership in the company.

Kjerulf Ainsworth, son of founder Len Ainsworth and already a shareholder, just lodged a brand-new proportional takeover bid to lift his ownership slice. Shareholders now face a clear A$1.30 cash offer per share for exactly 5.5 per cent of the ordinary shares he does not yet control. This move arrives hot on the heels of all previous takeover battles inside the family company. Everyone watches closely as he pushes forward again to grab more power this time around. His A$1.30 price towers 23.8 per cent above the closing level reached on 10 March. Traders see real money on the table compared to the last thirty trading days’ average of 23.5 per cent premium. Kjerulf Ainsworth stressed that shareholders finally receive a juicy premium over recent trading prices. Owners feel the pull of quick profit sitting right in front of them now. This fresh A$1.30 beats the old A$1 bid by around thirty per cent in pure cash terms. Exactly the same A$1.30 figure appeared back in October 2025 when he chased just 2.9 per cent from each holder.

Earlier Takeover Moves and Shareholder Conflict

The earlier offer came as a response to an attempt to take full control of the company and that process reached its closing stage on 30 January 2026. That proportional takeover bid from October tried to block the majority shareholder from passing a 75% holding level where Ainsworth Game Technology would leave the Australian Stock Exchange. Efforts to gain complete control of Ainsworth stayed unresolved for months before the process collapsed because shareholders did not grant the required approval. Rules required the proposal to cross a 75% approval level for privatisation, yet shareholder conflict stopped the plan from reaching that mark. Members of the Ainsworth family and other investors said the earlier offer placed low value on the company and they raised clear resistance. Repeated delays and conflict around the takeover process placed pressure on Ainsworth’s share value during that period.

The takeover process closed on 6 February while the majority shareholder secured control of Ainsworth Game Technology but failed to gain full ownership. After the closing stage, that shareholder held about 66.84% of the company while other records show levels near 66.6% or 66.59%. A competing offer from Kjerulf Ainsworth closed on 30 January 2026 and that move secured him a 7.28% holding in the company. Both sides increased their ownership after those offers ended earlier in the year while the majority shareholder kept control and Kjerulf Ainsworth pushed for more stake. At the moment of the proposal, Kjerulf Ainsworth holds a relevant interest equal to about 8.17% of Ainsworth Game Technology ordinary shares. Acceptance of the new offer by all other shareholders would raise his stake by purchasing 5.5% of their holdings and lift his position to about 13.25%. The proposal focuses on 5.5% of each shareholder’s holding and excludes the shares that Kjerulf Ainsworth already owns himself.

Approval from other stakeholders remains required because the transaction follows a proportional takeover structure before any transfer can move forward. Shareholders under the terms would sell a small part of their holdings while keeping the rest of their shares in the company. This structure lets investors release part of their investment into cash while they continue to hold most of their ownership. Kjerulf Ainsworth said the offer will give a premium compared with past trading prices for part of each shareholder’s investment. He added that the structure gives value in cash form and creates another path for shareholders to obtain liquidity. The arrangement allows investors to receive that liquidity without paying brokerage fees which normally appear in an on-market sale. A bidder statement also noted that shareholders who joined the earlier proportional offer could realise a combined 8.4% of their interest if they joined this proposal.

Legal Action Demands Transparency in Takeover Battle

Kjerulf Ainsworth filed the new offer and immediately started legal action against Ainsworth Game Technology in federal court. Shareholders deserve clear answers about the earlier takeover attempt. He launched proceedings because the company refused to hand over key books and records despite his requests. Everyone invested needs to see those documents before any takeover moves forward.“No court date exists yet, so silence feels safest until everything becomes public,” he stated about the case. This lawsuit now runs parallel to his fresh proportional takeover bid in the ownership fight. His new offer targets 5.5 per cent of shares and stays open until April 2026 for acceptance. Shareholders can choose to sell part of their stake at A$1.30 cash per share during that window.

Traders pushed the stock higher as news spread across the market floor. Ainsworth Game Technology Ltd. (ASX:AGI) climbed 2.38 per cent to A$1.08 per share in Sydney trading on Thursday morning. This proposal marks another tense chapter in the battle for control of the company. Kjerulf Ainsworth wants greater power while the majority owner still holds over two-thirds of the business.