Diebold (dbd), the world's third largest maker of ATMs, is extending a voluntary tender offer to buy Wincor Nixdorf (wnxdy) for $41.44 per share (€38.98) in cash plus 0.434 in Diebold common shares. While that still values Wincor Nixdorf, including debt, at about $1.8 billion (€1.7 billion), shareholders would now get more Diebold stock and less cash compared with the $55.87 (€52.50) per share offered before.
The reason for the changes was that Diebold shares rose 19% since the initial offer.
Diebold, of North Canton, Ohio, is strong in the banking business in North America. Wincor Nixdorf is based in Paderborn, Germany, and so should bolster Diebold's presence in the E.U. The goal is to strengthen its presence in banking and retail payment machines and services. Diebold also manufactured voting machines but sold that business in 2009.
A combined Diebold-Wincor Nixdorf would have had pro forma revenue of roughly $5.2 billion for the 12 months ended Sept. 30, 2015, and a bigger entity would presumably give NCR (ncr), the top provider of ATMs, a run for its money.
If the deal goes through, the combined company will go by Diebold Nixdorf and retain dual headquarters in North Canton and Paderborn.
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This story was updated on November 24 to reflect that Diebold sold its voting machine business in 2009.