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.

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