HARTFORD, Conn., March 5, 2008 -- United Technologies Corporation (NYSE: UTX) today issued the following statement regarding its offer to Diebold Inc.'s (NYSE: DBD) Board of Directors:
United Technologies Corporation remains committed to its offer. Diebold's financial and stock performance and the inability of Diebold's leadership to file timely financial statements are not valid reasons to avoid a dialogue with UTC.
UTC reaffirms its proposal to purchase the outstanding shares of Diebold for $40 per share cash, a 66% premium to Diebold's closing stock price on February 29th. UTC remains ready to discuss its proposal with the Diebold Board of Directors. UTC's management team, and financial and legal advisors are available to meet with Diebold and begin due diligence immediately.
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 5, 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.