HARTFORD, Conn., October 13, 2008 - United Technologies Corp. (NYSE: UTX) today informed Diebold Inc. (NYSE: DBD) by letter of the withdrawal of its February 29, 2008 acquisition offer. The following is the letter's complete text.
Mr. John N. Lauer
Dear Mr. Lauer:
We have seen Diebold's financial restatements recently filed with the SEC and note that you have scheduled your annual meeting for November 12. In light of your extended refusals of UTC's requests for management discussions and due diligence, we are withdrawing our offer of February 29 to purchase any and all Diebold common shares at $40 per share. We had hoped we could negotiate a transaction that would have created substantial value for both your and our shareholders. It's unfortunate this won't happen.
United Technologies Corp., based in Hartford, Connecticut, is a diversified company that provides a broad range of high technology products and support services to the building systems and aerospace industries.