Australian slot manufacturer Ainsworth Game Technology announced that it is postponing the shareholder meeting slated for June 3 to vote on a proposed takeover of a majority stake in the company by Austria’s Novomatic AG.
The delay will be “no later than 30 days,” according to the company, but in any event will take place after a decision of Australia’s Takeovers Panel on whether or not to ban the wife of Ainsworth founder and chairman Len Ainsworth from voting on the takeover.
The Australian Securities and Investments Commission asked the Takeovers Panel to evaluate the proposed acquisition, under which Novomatic would buy Ainsworth’s 53 percent stake in the company. The Australian securities panel has raised concerns that Ainsworth’s wife Gretel, who is the company’s second-largest shareholder, would unfairly influence the takeover vote.
The panel will determine whether Gretel Ainsworth should be viewed as an “associate” of Len Ainsworth, and thus be banned from voting on the takeover.
