United Technologies (UTX) made an unsolicited $2.63B cash bid for developer Diebold (DBD). The $40/share offer is well below Diebold's 52-week high of $54.50, but a 66% premium to its Friday close of $24.12/share, UTC says the bid is "compelling." Besides ATM machines, Diebold develops security systems and computer hardware that would help UTC's fledgling fire-and-security business grow revenue from a current $5.8B to $10B+.
The move is the latest in a string of unsolicited bids as buyers look to capitalize on deflated share prices.
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