Diebold succeed Wincor takeover at the last minute – Reuters Germany

Dusseldorf The Paderborn ATM manufacturer Wincor Nixdorf is American.

The US rival Diebold had but literally until the last minute to ensure the success of its 1.7 billion-euro takeover bid for the number three of the ailing industry fear. Ultimately served 68.9 percent of Wincor shareholders the almost equally great rival their shares for purchase, such as Diebold announced on Thursday. Requires were 67.6 percent. Together with the own shares of Wincor comes Diebold CEO Andy Mattes over the 75 percent threshold, who had made a condition the Americans, that the acquisition over the stage goes. Until shortly before the deadline it had not looked as if would succeed him

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The shareholders of both companies relieved accordingly. The Wincor shares soared by 20 percent to 52.75 euros, in the meantime on a two-year high. The Diebold shares gained for the start of trading in New York by 6.5 percent. Wincor papers are still above the existing Money and Diebold shares tenders worth a total of nearly 50 euros per share. Hedge funds and other speculative investors hope that they will receive a higher compensation when taking Diebold, Wincor of the stock market.

“JUST BEFORE THE FAILURE”

The Wincor-shareholders had let fidget Diebold long. “We were close to failure,” admitted a party in conversation with Reuters. Only on Thursday afternoon – 36 hours after expiry of the acceptance period – it was clear that Diebold had still reached the goal. Yet on Tuesday afternoon Mattes had only 48 percent of the shares safely. Although many investors are waiting until the last minute – so many it had never been said the insider. 20 percent of Wincor-shares were in the hands of hedge funds, which had long played poker to an increase in the offer. “There was telephoned and demanded wild at the end,” said another participant. The small shareholders had courted with large newspaper ads Diebold. “Without them, it would not have gone,” it said.

By the summer of the merger is in the bag be as Diebold also announced. Still not given their approval of the competition authorities. The number two and three in the industry from Germany and the US want a group with 4.8 billion euros in sales and 25,000 employees forge that unlocks the US industry leader NCR. They hope to be able to cope with the dramatic changes in their industry together better. The managers hope to savings of 150 million euros a year.

The Wincor Board to Heidloff had long adorned themselves but asked in the autumn after the merger. Wincor Nixdorf is strong in Europe, Diebold in North America. One million ATMs both erected in future they could also operate it themselves, Heidloff announced. The new “Diebold Nixdorf” is to be situated in the State of Ohio, it is to be controlled from North Canton and Paderborn. Diebold CEO Mattes is to lead the company, Heidloff remains as “President” on board.