Securities Law Prof Blog

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

Monday, March 3, 2008

United Technologies Makes Unsolicited Bid for Diebold

United Technologies Corp. announced an unsolicited cash bid to acquire all the shares of Diebold, the maker of ATMs and voting machines, for $2.63 billion, or $40 per share, a 66% premium.  UTC announced the offer, saying that Diebold had rejected UTC's efforts to negotiate a deal for two years.  Diebold had previously told UTC the deal was not in the best interests of the company and its shareholders and requested UTC not to contact the board again.  UTC said it had the cash to do the deal.  WSJ, United Technologies Offers  $2.63 Billion for Diebold; NYTimes, Diebold Receives a Takeover Offer.

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