United Technology makes offer for Diebold

Hartford, Conn -- United Technologies Corp., based in Connecticut, announced Sunday it has offered $3 billion for Diebold, the manufacturer of voting machines and ATMs.

The bid, unsolicited by Diebold, was first made privately Friday, The New York Times reported. United Technologies first suggested a merger two years ago but was rebuffed.

The price would give Diebold stockholders a 40 percent premium over its closing price Friday of $24.12 a share.

James Geisler, vice president of finance at United Technologies, would not say whether the company would pursue the acquisition if Diebold rejected its offer.

"This transaction creates significant and immediate value for Diebold shareholders with no operational risk, while creating long-term value for U.T.C. shareholders," George David, United Technologies' chairman and chief executive, said in a statement Sunday.

Copyright 2008 by United Press International.