NORTH CANTON, Ohio – United Technologies Corp. announced it has withdrawn its offer to acquire ATM maker Diebold, which has languished for eight months as Diebold has fended off the overture.
The Hartford, Conn., manufacturer of Pratt & Whitney jet engines and Otis elevators offered to acquire Diebold for $40 a share, a 66% premium, on Feb. 29. Diebold rejected the offer in March as undervalued.
Shares in Diebold have since sunk to $28.69, along with the broader market slump.
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Nine months before the outage, the NCUA told a federal council it may no longer need the authority to examine vendors like the one that failed.
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