$AGI.AX saga continues. The activist who played an instrumental role in blocking Novomatic’s lowball A$1/share bid is at it again. Ainsworth is now tendering for 5.5% of the company at A$1.30/share, ~30% above Novomatic’s offer. That said, with Novomatic management in turmoil (CEO charged with bribery in Austria), a near-term return with a second buyout bid looks unlikely. The only plausible path here is if the ongoing scandal pressures Novomatic to sell the business entirely. If not, any meaningful resolution is likely to be significantly delayed.