The agreement wards off a proxy contest for control of the ATM maker and financial industry software services firm.

GREEN  Diebold Nixdorf will add two directors recommended by one of its largest shareholders in an agreement that wards off a proxy contest for control of the ATM maker and financial industry software services firm.

Diebold Nixdorf said it will include Arthur Anton, chairman and chief executive officer of Swagelok Co., and Matthew Goldfarb, founder and managing member of private equity firm Southport Midstream Partners LLC, on its slate of director nominees at the company’s 2019 shareholders meeting.

Investment firm GAMCO, owned and run by Mario Gabelli, owns 10.2 percent of Diebold shares. It announced on Nov. 13 it was going to run Anton, Goldfarb and one other person for the 11-person Diebold board.

This week’s announcement puts an end to GAMCO’s proxy battle. Diebold and GAMCO reached an agreement on Feb. 22, according to documents filed with the Securities and Exchange Commission. As part of the agreement, GAMCO withdrew its nomination of its third candidate for the Diebold board.

According to the latest available SEC filings, New York-based GAMCO is Diebold’s second largest shareholder behind financial investment firm BlackRock.

Diebold last October told shareholders it was seeking new members for its board of directors.

“As part of our previously announced ongoing board refreshment initiative, Diebold Nixdorf is refreshing its board to align with the company’s strategy, challenges and opportunities,” Gary Greenfield, Diebold Nixdorf non-executive chairman of the board, said in a news release. “Art and Matthew will bring additional operational, financial and leadership expertise to our board as we continue to build momentum globally in executing our DN Now transformation plans. We look forward to benefiting from their experience and perspectives as we work to realize the full potential of Diebold Nixdorf for all shareholders.”

Gabelli, GAMCO’s chairman and chief executive officer, also made a statement in the news release.

“As long-term shareholders who believe that Diebold Nixdorf has a bright future, I am pleased that we were able to engage constructively with the company in connection with the board’s refreshment process,” Gabelli said.

As part of its Feb. 22 nomination and standstill agreement with the company, GAMCO will support the Diebold board of directors’ slate of nominees that will include Anton and Goldfarb. GAMCO also agree to vote all of its shares as recommended by the board on any matters related to shareholders meetings during the standstill period through the completion of the 2020 annual shareholders meeting.