March 2008
United Technologies Corporation announced that it has made a proposal to the Board of Directors of Diebold, Incorporated to acquire all the outstanding shares of Diebold for $40.00 per share in cash, representing a total enterprise value of approximately $3.0 billion. UTC’s proposal represents a premium of approximately 66 percent to Diebold’s closing stock price on Feb. 29, 2008. The proposal is not subject to any financing contingency.
“This transaction creates significant and immediate value for Diebold shareholders with no operational risk, while creating long term value for UTC shareholders,” said George David, Chairman and CEO of United Technologies. “Diebold represents an excellent fit with UTC, with its strong market position, U.S. footprint, and balance between product and service revenues. In addition, Diebold will benefit from UTC’s international presence and disciplined operating systems.”
David added, “In view of the significance of this proposal to Diebold’s shareholders and our own, we feel compelled to release this offer publicly. We are committed to working with Diebold’s Board of Directors to enter quickly into a definitive agreement.”
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