HARTFORD, Conn., March 27 /PRNewswire/ -- United Technologies Corp.
(NYSE: UTX) announced today that it currently holds 2.28 million shares or
approximately 3.5 percent of the outstanding common shares of Diebold
Incorporated (NYSE: DBD) based upon Diebold's most recent quarterly report
filed with the SEC, for the first quarter 2007.
UTC believes it is Diebold's sixth largest shareowner. UTC began
acquiring Diebold shares in July 2005 in contemplation of its January 2006
approach requesting a discussion with Diebold, by which time UTC owned 1.6
million Diebold shares.
On Sunday, March 2, 2008, following two letters in February to
Diebold's chairman, UTC announced that it had proposed a $40 per share cash
offer for all outstanding shares of Diebold, representing a 66 percent
premium to Diebold's trading price as of the prior Friday's market close.
Diebold's board of directors has to date refused UTC's requests for
constructive discussions and due diligence.
"We remain committed to our offer," said Jim Geisler, UTC vice
president, finance. "The New York Stock Exchange has notified Diebold that
it is at risk of delisting due to management's failure to file timely
financial statements. Delisting would be detrimental to shareowners. This
development underscores the need for Diebold's board to engage with UTC on
our compelling cash offer."
United Technologies, based in Hartford, Conn., is a diversified company
that provides high technology products and services to the building and
aerospace industries.
This communication does not constitute an offer, or the solicitation of
an offer to buy any securities or a solicitation of any vote or approval.
Statements in this release that are "forward-looking statements" are based
on current expectations and assumptions that are subject to risks and
uncertainties. All information in this communication is as of March 27,
2008. United Technologies Corporation undertakes no duty to update any
forward- looking statement to conform the statement to future events or to
changes in the company's expectations.
Contact: John Moran, UTC Judith Wilkinson / Eric Brielmann
(860) 728-7062 Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
UTC-IR
SOURCE United Technologies Corp.
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Related links:
http://www.utc.com/
http://www.prnewswire.com/comp/913919.html/
CONTACT:
John Moran of United Technologies Corp.,
+1-860-728-7062; Judith Wilkinson or Eric Brielmann, both of
Joele Frank, Wilkinson Brimmer Katcher for United Technologies
Corp., +1-212-355-4449
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