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Diebold financials justify not taking buyout offer
NORTH CANTON, Ohio (8/13/08)--On Monday, ATM manufacturer Diebold justified rejecting a buyout offer for United Technologies Corp. when it released its second-quarter earnings, revealing a revenue increase of 11% compared with the previous year. Diebold reported revenue of $771 million and net income of $25.6 million, which supported the company’s decision not to accept the unsolicited offer, according to Diebold (American Banker Aug. 12). Diebold, who was approached by United Technologies with the proposal in March, said the bid was too low. United Technologies may respond with a higher offer, said Kartik Mehta, analyst with FTN Midwest Securities Corp.
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