At least $3.50 if fully T/O, page-2

True. Another possibility maybe:

* Novomatic has a much larger R&D dept + Game Dev dept + Product Library than AGT
* Once controlled (53%), Novomatic can easily just turn AGT into distribution agent only (ie for Australia & US territories) and using arms length TP rules the majority of profits would going back to supplier of IP (ie privately held Novomatic)
* Given it may take sometime for Regulator approval re change in control/ownership around the globe anyway - why not put in place a structure that has immediate gain for new owners.

* Result would be lowering of reported profits + share price for AGT
* Novomatic would just wait to have a full take over at a significantly lower price down the road (if needed)