United Technologies presses for Diebold

Hartford, Conn. -- United Technologies Corp. has made a bid to acquire automated teller and voting machine maker Diebold.

United Technologies, which tried to purchase Diebold two years ago, made public an offer of $40 a share or 66 percent more than Diebold's closing price Friday, The New York Times reported.

Diebold recently rejected an offer to talk about a merger, which United Technologies Chief Executive Officer George David said was sent Feb. 19.

In the response Diebold's Chairman John N. Lauer asked United Technologies not to contact any of its directors, the report said.

With 15,451 employees, Diebold, worth about $1.6 billion, has been hurt by a slowdown in demand for both automatic teller and voting machines, the report said. Last week, it said it would downsize its workforce by 5 percent.

David said the deal forwarded Friday "creates significant and immediate value for Diebold shareholders," but didn't say what the company would do if the offer was formally rejected.

Copyright 2008 by United Press International.