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 USD 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.
Sincerely yours,
George David
Chairman
Following the above letter John N. Lauer, non-executive chairman of the board for Diebold stated "The Diebold board of directors remains confident that the company is on the right path, and is encouraged by the continued improvement it has seen in the company's strategic initiatives to gain cost efficiencies and increase profitability. This gives the board confidence that Diebold is on-course for creating substantial shareholder value for its investors, despite current global financial market conditions."
27/10/2008
UTC's hostile takeover attempt of Diebold withdrawn
Hartford, Conn & North Canton, Ohio (USA)
Following fruitless discussions between the management of UTC and Diebold on a proposed acquisition of the latter, UTC made a public offer on all outstanding shares of Diebold on the 29th of February this year, thus ignoring the wish of Diepold's board. This hostile takeover attempt has now been withdrawn with a public letter from George David of UTC to John N. Lauer of Diebold.
Global
