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Diebold Nixdorf initiates squeeze-out of German subsidiary

November 8, 2018

Diebold Nixdorf has launched the formal process to merge the company's German subsidiary, Diebold Nixdorf AG, with and into Diebold Nixdorf Holding Germany Inc. & Co. KGaA, a wholly owned direct subsidiary of Diebold Nixdorf Inc. 

This process involves a squeeze-out of the remaining minority shareholders of Diebold Nixdorf AG, utilizing funds set aside for this purpose, a company press release said.

The action will eliminate Diebold Nixdorf AG as a separate corporate entity and will terminate its listing on the Frankfurt Stock Exchange. Upon completion of the squeeze-out, the company will no longer be required to pay annual dividends to minority shareholders nor bear the administrative burdens related to operating a German public company.

"As previously announced, we are taking decisive steps to reduce cost and complexity in our business," Diebold Nixdorf President and CEO Gerrard Schmid said in the release. "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.

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