United Technologies Corp. said acquisition target Diebold Inc. is not a "must have," and said it would not pursue its original $40-a-share offer without a more detailed look at the automated teller machine maker's books.
Diebold has delayed filings with the Securities and Exchange Commission for about a year. The North Canton, Ohio, company's board rebuffed United Technologies' March 3 offer as too low, though it was a 66% premium over its closing price on the last trading day before it was announced.
United Technologies, which makes Otis elevators and Carrier air conditioners, will not entertain an offer without performing due diligence, its chief executive, Louis Chenevert, said Tuesday at the Electrical Products Group conference.
"We will not get lured in and just buy a company without going in and understanding," Mr. Chenevert said. "We like their model a lot, but it's not a must have. There might be other opportunities that show up on the radar screen in this environment that are really core to us."
