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Girard Gibbs Investigates Possible Violation of Diebold, Inc.
Law Firm Press Release |
2008/03/10 07:28
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| The law firm of Girard Gibbs LLP (a href=http://www.girardgibbs.com/ target=_blank shape=rectfont color=#000066http://www.girardgibbs.com/font/a) announces that it is investigating alleged violations of fiduciary duties by the board of directors of Diebold, Inc. (NYSE:DBD) (span id=bwanpa0“/spanDieboldspan id=bwanpa1”/span) relating to a buyout offer by United Technologies Corp. (NYSE:UTX) (span id=bwanpa2“/spanUnited Technologiesspan id=bwanpa3”/span). pIt is alleged that Dieboldspan id=bwanpa4’/spans directors are violating their fiduciary duties of due care, good faith and loyalty by rejecting without discussion an acquisition offer at a substantial premium by United Technologies, to the detriment of Diebold and its shareholders. Despite the potential to enhance shareholder value beyond that which Diebold can offer as an independent corporation, the board of directors has refused to negotiate with United Technologies. /ppOn March 3, 2008, United Technologies went public with an offer to buy Diebold for $2.63 billion, or $40 a share. This represented a 66% premium to Dieboldspan id=bwanpa5’/spans February 29, 2008 share price of $24.12. United Technologies has stated, in a press release, that if the Diebold board begins merger discussions, it is open to raising the offer price. On the same day, Dieboldspan id=bwanpa6’/spans board categorically rejected the offer and refused further negotiation. /ppIf you own stock in Diebold and you wish to discuss your rights as an investor, please visit our website, a href=http://www.girardgibbs.com/bkr.html target=_blank shape=rectfont color=#000066http://www.girardgibbs.com/dbd.html/font/a, or contact Jonathan K. Levine, Esq. (a href=mailto:jkl@girardgibbs.com target=_blank shape=rectfont color=#000066jkl@girardgibbs.com/font/a) or Aaron M. Sheanin, Esq. (a href=mailto:ams@girardgibbs.com target=_blank shape=rectfont color=#000066ams@girardgibbs.com/font/a) toll free at (866) 981-4800. /p |
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