Diebold Rejects UTC $2.63B Takeover Bid, 03/03/2008
AP Diebold Rejects UTC $2.63B Takeover Bid Monday March 3, 2:01 pm ET
Diebold Rejects UTC $2.63 Billion Takeover Bid, Calling It Opportunistic
HARTFORD, Conn. (AP) -- ATM and ballot machine maker Diebold is rejecting a $2.63 billion takeover bid from United Technologies, calling the offer opportunistic.
The board of directors of the North Canton, Ohio-based Diebold urged its shareholders Monday to take no action.
Diebold Inc. says its board has discussed United Technologies offer at least three times in the last month, including Monday morning.
John N. Lauer, the board's chairman, said UTC's proposal undervalues the company and fails to reflect Diebold's strengths and significant upside potential. He said the offer is opportunistic because Diebold shareholders do not have all the information needed to make a decision.
A spokesman for Hartford-based United Technologies Corp. did not comment immediately.
