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Article: United Technologies drops $2.6 billion Diebold bid
- Article from:
- AP Worldstream
- Article date:
- October 13, 2008
- Author:
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United Technologies Corp. on Monday dropped its unsolicited $2.6 billion bid to buy ATM manufacturer Diebold Inc., which had frustrated UTC because it wouldn't discuss the offer and delayed releasing its financial information.
Diebold's chairman said the company is encouraged about its future, even as its stock remained far less than UTC had offered.
United Technologies, which owns Sikorsky Aircraft, Otis elevator and other businesses, made its offer in February in an effort to broaden its security business and expand into China. Diebold rejected the offer immediately.
"In light of your extended refusals of UTC's requests for management discussions and due ...