PAC Pacific Current Group Ltd

Diebold Inc. said Tuesday that it hit the required threshold in its tender offer for German rival Wincor Nixdorf AG, moving the cash-machine maker closer to sealing their merger.

North Canton, Ohio-based Diebold said it received 68.9% of Wincor shares, an amount it said satisfies the minimum tender offer condition of 67.6%. Excluding Treasury shares, Diebold secured about 76.5% of Wincor, according to Diebold spokesman Michael Jacobsen, meeting the 75% threshold required under German law.

Diebold and Wincor in November struck a $1.8 billion deal that would create the world's largest maker of automated-teller machines based on units sold. The Wall Street Journal reported earlier this month that the deal was at risk of failing amid a lukewarm response by investors. Some investors wait until the last minute to tender shares, holding out for a higher price.

"With this milestone achieved, we look forward to completing this transaction and integrating the two businesses," said Diebold Chief Executive Andy Mattes. Diebold said its "additional acceptance period" begins Wednesday and closes at midnight April 12, meaning the company could pick up more shares.

According to Gil Luria, managing director at Wedbush Securities, executing the merger may be easier from this point forward, noting the company may be able to avoid dealing with minority shareholders.

The company said it expects to complete the merger, which needs to win regulatory clearance, this summer.

Diebold shares rose 0.7% to $29.08 in morning trading in New York.

Write to Lisa Beilfuss at lisa.beilfuss@wsj.com

(END) Dow Jones Newswires

March 29, 2016 10:55 ET (14:55 GMT)

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