About Atmia
About Atmia

Diebold Nixdorf initiates merger squeeze-out of German subsidiary

Thursday, November 08, 2018

by Diebold Nixdorf

Diebold Nixdorf (NYSE: DBD) today launched the formal process to merge the company's German subsidiary, Diebold Nixdorf AG, with and into Diebold Nixdorf Holding Germany Inc. & Co. KGaA (Diebold KGaA), a wholly-owned direct subsidiary of Diebold Nixdorf, Inc.

This process includes a squeeze-out of the remaining minority shareholders of Diebold Nixdorf AG, utilizing funds set aside for this purpose. As a result of the merger squeeze-out, Diebold Nixdorf AG will be eliminated as a separate corporate entity and the listing of Diebold Nixdorf AG shares on the Frankfurt Stock Exchange will be terminated. When complete, the company will no longer be required to pay annual dividends to minority shareholders nor bear the administrative burdens relating to operating a German public company.

"As previously announced, we are taking decisive steps to reduce cost and complexity in our business," said Gerrard Schmid, Diebold Nixdorf president and chief executive officer. "This step represents an important and final milestone in the acquisition of Wincor Nixdorf and further simplifies the structure of our company, eliminating annual cash expenditures which previously totaled more than $20 million per year. At least $13 million of these cash expenditure reductions have been realized in 2018 based on minority shares tendered to date this year."

Diebold KGaA currently owns approximately 28 million shares in Diebold Nixdorf AG corresponding to 94 percent of the share capital of Diebold Nixdorf AG (excluding treasury shares). 

View the full press release from Finextra here.

Comments

Leave a comment (Your email address will not be displayed or shared)

Leave this field empty

 
No comments have been added. Please use the form above to add your comments.

Meet Our
Global Sponsors

Email IconEmail

Sign up to receive the news you want from ATMIA. We have a wide selection ranging from conference details, regional news and industry updates. You may update and change these details at any time. We look forward to staying in touch!

Social Media IconSocial Media

Be sure to follow us on LinkedIn, Twitter and YouTube

Bookmark IconBookmark ATMIA.com

Add atmia.com to your favorites, make it your homepage or pin the website to your task bar or desktop.

RSS IconRSS

Subscribe to our RSS feed and stay up to date with all of our press releases.