United Technologies offers $2.63 billion for Diebold

March 03rd, 2008 | Category: Deals, Forecasts

Maker of Otis elevators and Chubb defense systems, United Technologies Corp. (NYSE: UTX), announced Sunday that it had made an unsolicited $2.63 billion offer for Diebold Inc. (NYSE: DBD). Diebold is one of the largest makers of automated teller machines and voting machines, and United Tech’s move comes as a part of its plan to extend its safety degree commerce and presence in China.

United Technologies announced it first approached Diebold about a possible deal two years ago but nothing had materialized thus far. United Tech announced that its current tender amounts

to $40 a share, a 66% premium to Diebold’s closing price of $24.12 on Friday. The company plus said a it may increase its offer whether it is sees more detailed data.

George David, United Technologies’ chairman and chief executive, stated that the “transaction makes meaningful and instant value for Diebold shareholders with no operational risk, while creating distant term value for UTC shareholders.”

Continue reading United Technologies offers $2.63 billion for Diebold

Original post by Eliza Popescu

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