UTC scraps effort to buy Diebold

United Technologies Corp. yesterday withdrew its $2.63 billion offer to buy Diebold Inc. after receiving "repeated refusals" by Diebold management to engage in discussions, the Wall Street Journal reports.

Diebold, of North Canton, Ohio, a maker of automated teller machines and electronic voting devices, consistently rebuffed negotiations since UTC first went public with its unsolicited, $40-a-share offer in late February.

In recent months UTC had been showing increasing signs of losing patience, repeatedly noting in recent months that it never considered Diebold "a must-have."

On Monday, UTC publicly released a letter to Diebold Chairman John N. Lauer formally withdrawing the offer.

UTC, of Hartford, Conn., ranks No. 19 on Washington Technology ranks No. 19 on Washington Technology's 2008 Top 100 list of the largest federal government prime contractors.

Reader Comments

Please post your comments here. Comments are moderated, so they may not appear immediately after submitting. We will not post comments that we consider abusive or off-topic.

Please type the letters/numbers you see above

What is your e-mail address?

My e-mail address is:

Do you have a password?

Forgot your password? Click here
close

Trending

  • Dive into our Contract Award database

    In an exclusive for WT Insider members, we are collecting all of the contract awards we cover into a database that you can sort by contractor, agency, value and other parameters. You can also download it into a spreadsheet. Our databases track awards back to 2013. Read More

  • Navigating the trends and issues of 2016 Nick Wakeman

    In our latest WT Insider Report, we pull together our best advice, insights and reporting on the trends and issues that will shape the market in 2016 and beyond. Read More

contracts DB

Washington Technology Daily

Sign up for our newsletter.

Terms and Privacy Policy consent

I agree to this site's Privacy Policy.