United Technologies makes unsolicited $3 billion bid for Diebold

Mumbai: United Technologies Corporation has offered to acquire Diebold, one of the largest makers of automated teller machines and voting machines, for about $3 billion.

United Technologies, which first approached Diebold two years ago, initially made the unsolicited bid in private on Friday and later made it public.

The $40 a share cash offer by United Technologies values Diebold 66 per cent above its closing stock price of $24.12 on Friday.

The acquisition of Diebold would give United Technologies a chance to expand its electronic security business with one of the field's largest players.

United Technologies bought Initial Electronic Security Systems for about $1.2 billion last year.

Diebold has a strong presence in the ATM market in China, where United Technologies' Otis elevator business also is a strong contender in its category.