United Technologies Corp. has acquired a 3.5% stake in Diebold Inc. and says it remains committed to its $2.63 billion offer to buy the North Canton, Ohio, automated teller machine company.
However, Diebold executives reiterated that they are still not interested in selling.
United Technologies disclosed its holdings in a Securities and Exchange Commission filing last week. Diebold, responded in a press release that the stake "does not change Diebold's belief that UTC's $40-per-share offer significantly undervalues the company and does not reflect significant progress" in improving its business.
United Technologies said it now holds 2.28 million shares, making it Diebold's sixth-largest shareowner. The conglomerate said it began acquiring the shares in July 2005 and owned 1.6 million in January 2006. "We remain committed to our offer," said Jim Geisler, a United Technologies vice president.
