Diebold Rejects UTC $2.63B Takeover Bid

[brooklynite]

Source: AP

Mar 3rd, 2008 | HARTFORD, Conn. -- 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.



Read more: http://www.salon.com/wires/ap/business/2008/03/03/D8V64NC00_united_technologies_diebold/index.html

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I suppose where you're in a much trouble as Diebold is, there's no place to go but up...

[leftofcool]

1. Diebold wants to rig the election themselves

Why give all that power away?

[LeftyMom]

2. Still waiting for Halliburton to put in an offer?

:shrug:

[dchill]

4. There you go...

:)

[Kelvin Mace]

3. Diebold took a respectable brand name

and made it the laughing stock of the nation and synonymous with "fraud" and "unreliable", not something you should do when your principle customers are banks.

If I were a Diebold stockholder, I would be PISSED!

[acmavm]

5. Well, it wouldn't be a good thing for it to go to UTC. Might as well

just hand the country over to the Carlyle Group and the BFEE if they get it.

[Kelvin Mace]

6. Not likely

Diebold's voting division is not making money, and due to it notoriety, few states are buying it.