Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, March 4, 2008

Diebold Calls UTC's Bid "Opportunistic"

Diebold rebuffed United Technologies Corporation's $2.64 billion bid.  According to John N. Lauer, Diebold's nonexecutive chairman, “U.T.C.’s proposal is an opportunistic attempt to buy Diebold at a time when shareholders do not have sufficient data to evaluate the offer and as such, the board believes that it would be irresponsible to engage in discussions with U.T.C. at this time.” Diebold has been under SEC investigation for improper revenue recognition and has not filed financial information with the SEC since March 31, 2007.  In addition, in January it said it would restate its financial statements from 2003 through 2006.  WSJ, Diebold Rejects Offer By United Technologies; NYTimes, Diebold Rejects Takeover Advance.

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