German ATM and POS machines maker Wincor Nixdorf has denied media reports suggesting takeover bid by US rival Diebold. Citing sources close to company's top management, a Reuters report earlier said that the two companies were in talks about a potential acquisition.
However, in a statement, Wincor Nixdorf categorically denied the news, saying: "We are not in merger or acquisition negotiations. According to the management team, keeping Wincor Nixdorf independent is the best course of action to create customer, shareholder and employee value."
Denying the takeover bid by Diebold, Wincor CEO Eckard Heidloff said that Wincor's management was not interested in the company being bought.
"No, we don't know of any takeover offer. Such speculation has been there since 15 years. We, as management, don't believe this is the right way," Heidloff told media persons.
In April, the German firm outlined plans to lay off 500 staff and shift manufacturing to cheaper Asian markets after reporting a 50% drop in profit for the first half of the year.
"We have initiated the restructuring program with the clear goal to preserve Wincor Nixdorf's autonomy," Wincor said in a statement.
Earlier this week, Wincor Nixdorf shares jumped more than 10 percent on reports the company was in talks with U.S. peer Diebold.