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Kjerulf Ainsworth Launches Urgent Bid Amid AGT Power Struggles

Kjerulf Ainsworth Launches Urgent Bid Amid AGT Power Struggles
Editorial
  • PublishedOctober 23, 2025

UPDATE: Urgent developments are unfolding at Ainsworth Game Technology (AGT) as Kjerulf Ainsworth has just launched a bid to increase his stake in the company from 7.27% to nearly 10%. This move intensifies the ongoing internal power struggles at the Australian slot machine giant, founded by his father, Len Ainsworth.

Kjerulf’s offer of AUD 1.30 ($0.85) per share, which represents a significant 30% premium over the current AUD 1.00 ($0.65) bid from Novomatic AG, AGT’s majority shareholder, is aimed at asserting his influence amid rising tensions. These tensions escalated after a proposed buyout by Novomatic was blocked earlier this year by Kjerulf and other minority shareholders.

In a letter addressed to shareholders, Kjerulf emphasized his bid as a means to defend shareholder value, stating, “I believe that shareholders deserve to have access to an alternative offer that better reflects the real value of AGT.” His assertion comes as he navigates regulatory constraints that limit his ownership to under 10%.

The ongoing conflict highlights a stark divide within AGT’s leadership. Novomatic has steadily increased its stake to 61.5% and continues to push for greater control over the company’s operations, which many critics label as “foreign dominance.” Kjerulf’s move is seen as a bid to restore Australian influence within the firm.

Adding to the crisis, AGT has faced significant instability following the resignation of CEO Harald Neumann earlier this month. Neumann stepped down after the Nevada Gaming Control Board advised him to withdraw his license application due to links to an alleged bribery investigation during his previous tenure at Novomatic.

With Neumann’s departure, the board has appointed Ryan Comstock, the chief operating officer, as interim CEO. Comstock, recognized for his technical expertise and pragmatic management style, will lead the company while AGT searches for a permanent CEO from both internal and external candidates.

These developments place AGT in a fragile position. The company grapples with declining investor confidence, a leadership void, and an escalating feud between its founding family and its dominant shareholder. Analysts warn that while Kjerulf’s bid may seem modest, it signals his commitment to AGT’s future and represents a crucial moment in the company’s history.

As tensions rise, the industry watches closely to see how AGT will navigate these challenges. Shareholders and investors are urged to stay updated on further developments, as this power struggle could reshape the landscape of the gaming technology sector.

Editorial
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