United Technologies is bidding $3 billion for Diebold, one of the largest manufacturers of ATMs and voting machines. The unsolicited bid is $40 per share, a 66% premium over Diebold’s closing stock price Friday of $24.12, reports the New York Times. The deal would provide an opportunity for United Technologies to expand its electronic security business.
Last year, the company bought Initial Electronic Security Systems for some $1.2 billion. Diebold has faced both internal and external problems recently. Last week the company said it plans to cut 5% of its workforce due to an anticipated drop in demand for ATMs. The market value of the Ohio-based company was $1.6 billion as of Friday.