Len Ainsworth’s wife Gretel will not vote on the sale of his majority stake in Ainsworth to Novomatic for A$473m.
This means there is no conflict of interest concerning the sale, Australia’s Takeovers Panel ruled. Gretel owns 8.96 per cent of Ainsworth. Their son, Stephen Ainsworth, who owns 0.02 per cent, will not be voting either.
For the deal to close, more than 50 per cent of minority stakeholders need to approve the sale. The vote was due to take place no earlier than June 27. Novomatic offered to buy Ainsworth’s majority stake in his Australian supplier at A$2.75 per share.
Ainsworth plans to sell 51.81 per cent of his 53 per cent majority stake in the company. He and his wife would retain a 10.15 per cent stake following the transaction.
The Australian Securities and Investment Commission and Fortress Investment requested Ainsworth’s family be blocked from voting on Novomatic’s acquisition.
Source: Fantini’s Gaming Report
