HARTFORD, Conn., March 27, 2008 -- 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.