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United Technologies Corp. withdraws Diebold bid

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NORTH CANTON, Ohio (10/16/08)--United Technologies Corp. (UTC) has withdrawn its unsolicited bid for ATM manufacturer Diebold. UTC offered to purchase Diebold common shares at $40 per share Feb. 29. “Diebold’s 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,” said John N. Lauer, Diebold non-executive chairman of the board. The letter UTC wrote to Diebold announcing the withdrawal of its bid was made public Monday.