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Diebold Rejects Bid As ?Opportunistic?if(typeof adxpos_Position1 !="undefined") document.write("Sponsored by") document.write(adxads[adxpos_Position1]); Search DealBook DealBook Home Mergers & Acquisitions Investment Banking I.P.O. / Offerings Private Equity Hedge Funds Venture Capital Legal Jobs Diebold Rejects Bid as ‘Opportunistic’ March 3, 2008, 1:58 pm Link to This E-mail this Topics Mergers & Acquisitions Industries TechnologyMuch as DealBook expected, Diebold is pointing to its bookkeeping problems as a reason shareholders should give the cold shoulder to United Technologies. In a news release early Monday afternoon, Diebold called Sunday’s unsolicited takeover bid from United “opportunistic” and cited its recent accounting mess — Diebold hasn’t filed a quarterly earnings report since May — as a major factor behind its board’s decision to unanimously reject the $40-per-share approach. This is a fairly common defense for takeover targets that are in the process of restating their earnings, though not necessarily a particularly successful one. BEA Systems presented a similar argument when it rejected Oracle’s hostile offer in October. BEA, which had delayed its quarterly filings because of an options backdating investigation, said it was the wrong time to sell the company because “the absence of current financial information in the public markets limits investor visibility into our performance.” A few months later, BEA accepted a higher bid from Oracle and is well on its way to being acquired. In the case of Diebold, which makes voting machines and A.T.M.s, not only did the board reject United’s offer on Monday, but it also said there was no reason for the two companies to hold talks. In Monday’s statement, it called United’s $3 billion offer “an opportunistic attempt to buy Diebold at a time when shareholders do not have sufficient data to evaluate the offer and as such, the board believes that it would be irresponsible to engage in discussions with UTC at this time.” Nevertheless, investors seemed confident that a deal will happen — one way or another. Shares of Diebold were up 59 percent in afternoon trading Monday to $38.43, trading only 4 percent below United’s offer. Go to News Release from Diebold » Add your comments... Name Required E-mail Required (will not be published) CommentComments are moderated and will be posted if they are on-topic and not abusive. They may be edited for length and clarity. For more information see our Member Agreement. Latest Dealbook Headlines Mergers & Acquisitions» Genesco’s Costly Potential Settlement Diebold Rejects Bid as ‘Opportunistic’ As Cablevision Weighs a Deal, Analyst Fears a Flop Investment Banking» Citi Rearranges Its Wealth Management Unit UBS Shuffles Financial Institutions Group Morgan Stanley’s Hostile Tendencies I.P.O./Offerings» China Merchants Shows Interest in Visa I.P.O. I.P.O. Cancellations Hit $21.4 Billion Seven Bank Shares Jump 24% in Debut Private Equity» Carlyle Hires UBS’s Sarkozy for Financial Deals Candover Said to Offer $2.6 Billion for Expro KKR Private Equity Discloses Write-Downs Hedge Funds» Hedge Fund Activist to Sue S.E.C. Over Marketing Rules Circuit City Investor Launches Proxy Battle Hedge Fund Nominates Slate for New York Times Board Venture Capital» Eisner: A New-Wave Media Mogul A Different Kind of Incubator No I.P.O. Soon for Yelp, Chief Says Legal» Black Begins Serving Prison Term Ohio Does Not (Heart) Arbs E*Trade Said to Choose Next Chief Dealbook News By Industry Airlines / Autos Basic Industries Consumer Goods Energy / Utilities Financial Services Food & Beverage Healthcare Media Real Estate Retail / Leisure Technology Telecom Home World U.S. N.Y. / Region Business Technology Science Health Sports Opinion Arts Style Travel Jobs Real Estate Autos Back to Top Copyright 2006 The New York Times Company Privacy Policy Search Corrections XML Help Contact Us Work for Us Site Map var gtrackevents=false; var gdcsid="dcsc32upj10000c58n7kgpaeo_8i3g"; var gfpcdom=".nytimes.com"; var gdomain="wt.o.nytimes.com";Tag CloudExternal InformationAdditional InformationColes on back foot in Scott hearing...Piracy Move on China Seen as Near... Las Vegas economy looks like busted flush... With Sale, Chrysler’s Identity Is Simplified... Where Am I?News Main Page - Business - Diebold Rejects Bid As ?Opportunistic? |
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