Wednesday, March 5, 2008

Diebold Rejects Takeover Bid

Tuesday, March 4, 2008 3:20 AM

North Canton, Ohio, based Diebold Inc. may find it impossible to resist a $2.63 billion buyout offer by United Technologies Corp., which is aggressively seeking to expand its security business in Asia, observers said Monday.

United Technologies on Sunday offered $40 a share, a 67 percent premium over Diebold's closing price Friday. Diebold shares climbed $14.72, or 61 percent Monday to $38.84. United Technologies shares fell $1.11 to $69.40.

Diebold turned down the bid Monday, calling it opportunistic, and urged its shareholders to take no action.