Diebold Chairman Rebukes United Tech Offer

The chairman of Diebold told United Technologies in an open letter Wednesday that by making an unsolicited $2.64 billion offer, the diversified U.S. manufacturer "is opportunistically seeking value that belongs to Diebold shareholders."

The letter, signed by John Lauer, nonexecutive chairman of the world's No. 2 maker of automated teller machines, noted that United Tech's $40-per-share offer is 27 percent below Diebold's 52-week high of $54.50 reached in August.