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13D Filing: Atlantic Investment Management and Diebold Nixdorf Inc (DBD)

Diebold Nixdorf Inc (NYSE:DBD): Alexander Roepers’ Atlantic Investment Management filed an amended 13D.

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Alexander Roepers
Alexander Roepers
Atlantic Investment Management

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Atlantic Investment Management, Inc 5,248,987 0 6,100,000 0 6,100,000 8.0%
Alexander Roepers
Alexander Roepers
Atlantic Investment Management

Page 1 of 7 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

Amendment
No. 5
 

 

Under the Securities Exchange Act of 1934

 

DIEBOLD
NIXDORF, INCORPORATED
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
253651103
(CUSIP Number)
with copy to:

Alexander J. Roepers

Atlantic Investment Management, Inc.

666 Fifth Avenue

New York, New York 10103

(212) 484-5050

Allen B. Levithan

Lowenstein Sandler LLP

1251 Avenue of the Americas

New York, New York 10020

(212) 262-6700

(Name, Address
and Telephone Number of Person

Authorized to Receive Notices and Communications)

March
6, 2018
(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed
a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of Rule 13d-1(e), (f) or (g), check the following box. [    ].

Note: Schedules filed in paper format
shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties
to whom copies are to be sent.

*The remainder of this cover page shall be
filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of
this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934
(“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).

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Page 2 of 7 – SEC Filing

CUSIP NO.  253651103
1) Names of Reporting Persons.  I.R.S. Identification Nos. of Above Persons (entities only):
Atlantic Investment Management, Inc.
2) Check the Appropriate Box if a Member of a Group (see Instructions): (a) [    ]
(b) [    ]
3) SEC Use Only
4) Source of Funds (See
Instructions):      AF, OO
5) Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e):
Not Applicable
6) Citizenship or Place of Organization:    Delaware
Number of 7) Sole Voting Power: 5,248,987*
Shares Beneficially 8) Shared Voting Power: 0
Owned by
Each Reporting 9) Sole Dispositive Power: 6,100,000*
Person With 10) Shared Dispositive Power: 0
11) Aggregate Amount Beneficially Owned by Each Reporting Person:     6,100,000*
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions):
Not Applicable
13) Percent of Class Represented by Amount in Row (11):      8.0%*
14) Type of Reporting Person (See Instructions):     IA

* Includes: (i) 401,355 shares (0.53%) of the Issuer’s Common Stock, par value $0.001 per share (“Shares”), beneficially owned by AJR International
Master Fund, Ltd., a British Virgin Islands company; (ii) 3,000,255 Shares (3.95%) beneficially owned by Cambrian Master Fund,
Ltd., a British Virgin Islands company; (iii) 1,205,552 Shares (1.59%) beneficially owned by Cambrian Global Master Fund,
Ltd., a British Virgin Islands company; and (iv) 1,492,838 Shares (1.97%) held in one or more other accounts (“Other Accounts”).
Atlantic Investment Management, Inc., serving as the investment advisor of the foregoing parties and the Other Accounts, has
sole voting power over 5,248,987 Shares and sole dispositive power over all Shares beneficially owned by such parties or held
in the Other Accounts. See Items 2 and 5 for additional details.

 

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Page 3 of 7 – SEC Filing

Item 1.          Security
and Issuer
.

This statement relates to the common stock, par value $0.001 per share (the “Shares”), of Diebold NIXDORF,
Inc. (the “Issuer”). The Issuer has principal executive offices located at 5995 Mayfair Road, P.O. Box 3077, North
Canton, OH 44720.

Item 2.          Identity
and Background
.

(a)       This statement is filed by Atlantic Investment Management, Inc., a Delaware corporation (the “Reporting Person”), with respect to 5,248,987 Shares over
which the Reporting Person has sole voting power by reason and 6,100,000 Shares over which the Reporting Person has sole dispositive
power by reason of serving as the investment advisor to: (i) AJR International Master Fund, Ltd., a British Virgin Islands
company (“AJR”); (ii) Cambrian Master Fund, Ltd., a British Virgin Islands company (“Cambrian Fund”); (iii) Cambrian Global
Master Fund, Ltd., a British Virgin Islands company (“Cambrian Global Fund”); and (vi) one or more other accounts (“Other
Accounts”).

(b)       The business address of the Reporting Person and Mr. Alexander Roepers, the president, sole director and sole
shareholder of the Reporting Person, is 666 Fifth Avenue, New York, New York 10103.

(c)       The
principal business of the Reporting Person is that of an investment advisor engaging in the purchase and sale of securities
for investment with the objective of capital appreciation on behalf of AJR, Cambrian Fund, Cambrian Global Fund, and the
Other Accounts. The principal occupation of Mr. Roepers is serving as the president and managing officer of the Reporting
Person.

(d)       Neither the Reporting Person nor Mr. Roepers has, during the past five (5) years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).

(e)       Neither
the Reporting Person nor Mr. Roepers has, during the past five (5) years, been a party to any civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such proceeding was or is now subject to a
judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.

(f)       Mr.
Roepers is a citizen of the United States.

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Page 4 of 7 – SEC Filing

Item 3.          Source and Amount of Funds
or Other Consideration
.

The Shares purchased by the Reporting Person on behalf of AJR, Cambrian Fund, Cambrian Global Fund and the Other Accounts were
purchased with the investment capital of such entities and accounts. The aggregate amount of funds used in making the purchases
reported on this Schedule 13D was approximately $140,479,298.

Item 4.          Purpose of Transaction.

The
Reporting Person acquired, on behalf of AJR, Cambrian Fund, Cambrian Global Fund and the Other Accounts and continues to
hold, the Shares reported in this Schedule 13D for investment purposes. The Reporting Person intends to evaluate
the performance of the Shares as an investment in the ordinary course of business. The Reporting Person pursues an investment
objective that seeks capital appreciation. In pursuing this investment objective, the Reporting Person analyzes the
operations, capital structure and markets of companies in which the Reporting Person’s clients invest, including the
Issuer, on a continuous basis through analysis of documentation and discussions with knowledgeable industry and market
observers and with representatives of such companies.

The Reporting Person will continuously assess the Issuer’s business, financial condition, results of operations
and prospects, general economic conditions, the securities markets in general and those for the Shares in particular, other developments
and other investment opportunities. Depending on such assessments, the Reporting Person may acquire additional Shares or may determine
to sell or otherwise dispose of all or some of the Shares presently held by AJR, Cambrian Fund, Cambrian Global Fund, and the Other
Accounts in the open market or in private transactions. Such actions will depend upon a variety of factors, including, without
limitation, current and anticipated future trading prices for the Shares, the financial condition, results of operations and prospects
of the Issuer, alternative investment opportunities, general economic, financial market and industry conditions and other factors
that the Reporting Person may deem material to its investment decision.

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Page 5 of 7 – SEC Filing

The Reporting Person and their representatives have, from time to time, engaged in, and expect to continue to
engage in, discussions with members of management and the board of directors of the Issuer (the “Board”), other current
or prospective shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing
professionals and other third parties regarding a variety of matters related to the Issuer, which may include, among other things,
the Issuer’s business, management, capital structure and allocation, corporate governance, Board composition and strategic
alternatives and direction, and may take other steps seeking to bring about changes to increase shareholder value.

Except as set forth
above, the Reporting Person has no present plans or proposals which relate to or would result in any of the transactions required
to be described in Item 4 of Schedule 13D.

Item 5.          Interest in Securities
of the Issuer
.

(a)       Based upon the information contained in the Issuer’s Form 10-K filed with the Securities and Exchange Commission on February 28, 2018, there were issued and outstanding 75,940,277
Shares as of February 23, 2018.

(b)       The Reporting Person does not directly own any Shares. The Reporting Person has entered into an investment advisory agreement
with each of AJR, Cambrian Fund, Cambrian Global Fund and the Other Accounts pursuant to which the Reporting Person has investment
authority with respect to the securities held by such entities or in such accounts. Such power includes the power to dispose
of and the power to vote the Shares. By reason of the provisions of Rule 13d-3 of the Securities Exchange Act of 1934, as
amended, the Reporting Person is deemed to be the beneficial owner of the Shares held by such entities and accounts. Accordingly,
the Reporting Person is deemed the beneficial owner of 6,100,000 Shares, or 8.0% of the outstanding Shares.

(c)       The following table details the transactions by the Reporting Person, on behalf of AJR, Cambrian Fund, Cambrian
Global Fund, and the Other Accounts in Shares during the past sixty (60) days:

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Page 6 of 7 – SEC Filing

Date Quantity Price Transaction
1/25/2018  (8,410)  18.1322 Open Market Sale
1/31/2018  226,800  18.5392 Open Market Purchase
2/1/2018  (180,000)  18.1250 Open Market Sale
2/1/2018  220,000  18.1365 Open Market Purchase
2/1/2018  180,000  18.6460 Open Market Purchase
2/2/2018  (7,679)  18.2500 Open Market Sale
2/2/2018  40,000  18.1954 Open Market Purchase
2/5/2018  120,000  16.9641 Open Market Purchase
2/6/2018  54,600  16.6580 Open Market Purchase
2/7/2018  75,000  16.5766 Open Market Purchase
2/8/2018  20,000  16.3500 Open Market Purchase
2/8/2018  (20,000)  16.3501 Open Market Sale
2/9/2018  20,000  14.8578 Open Market Purchase
2/16/2018  (50,000)  15.6682 Open Market Sale
2/16/2018  50,000  15.7040 Open Market Purchase
3/1/2018  40,000  16.3409 Open Market Purchase
3/6/2018  70,000  17.4797 Open Market Purchase
3/6/2018  30,000  17.4417 Open Market Purchase
3/7/2018  51,267  17.9301 Open Market Purchase

Except for the transactions
listed above, neither the Reporting Person, any entity for which the Reporting Person serves as investment advisor, nor any person
or entity controlled by the Reporting Person, nor Mr. Roepers (including Mr. Roepers’ immediate family members) has traded
Shares during the past sixty (60) days on or prior to the Event Date, and from the Event Date to the Filing Date.

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Page 7 of 7 – SEC Filing

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Not Applicable.

Item 7. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Not Applicable.

 SIGNATURE

 

After
reasonable inquiry and to the best of the undersigned’s knowledge and belief, the undersigned hereby certifies that the
information set forth in this statement is true, complete and correct.

March 7, 2018

ATLANTIC INVESTMENT MANAGEMENT, INC.
By: /s/ Alexander J. Roepers
Name:  Alexander J. Roepers
Title:  President

ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS
OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).

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