PHILADELPHIA--United Technologies said on Sunday it made a $2.64 billion unsolicited bid for Diebold after trying to hold merger talks with the automatic teller machine maker for more than two years. United Technologies, the world's largest maker of elevators and air conditioners, said Diebold would make an "excellent fit" due to its "strong market position, U.S. footprint, and balance between product and service revenues."
The $40-per-share cash offer marks a 66 percent premium to Diebold closing stock price of $24.12 on Friday on the New York Stock Exchange. United Technologies said a higher offer could emerge, depending on any additional value it found in Diebold during a review of its books. It said it could begin due diligence immediately and believed a definitive deal could be reached within 30 days.
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