Diebold says UTC offer still undervalues company
Diebold, Incorporated (NYSE:DBD) today issued the following statement regarding a United Technologies Corporation (UTC) press release announcing that it has accumulated 3.5 percent of Diebold's shares:
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This does not change Diebold's belief that UTC's $40 per share offer significantly undervalues the company and does not reflect significant progress against current strategic initiatives and Diebold's previously disclosed $100 million cost reduction program. The company is confident that executing on its strategy will create substantially greater value for shareholders than the UTC proposal. Diebold is working diligently to complete its filings and ensure that its investors can make fully informed decisions about their investment.
UTC's assertions regarding a potential NYSE delisting are highly misleading. Diebold does not believe it faces any threat of delisting until at least September 17, 2008, at which time the NYSE, at its discretion, can grant an extension for an additional six months. The company currently anticipates its financial review will be completed by the end of the second quarter of 2008 and it will make all appropriate filings as soon as possible thereafter.