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United Tech Bids $2.6B for Diebold

Posted by ryuzaki0 on from the how-much-does-an-election-cost dept.

zhang1983 writes "United Technologies, parent company of jet engine-maker Pratt & Whitney, Otis elevator and Sikorsky Aircraft, said it made the unsolicited offer to Diebold for $2.63 billion on Friday after trying to negotiate a deal for two years. United Technologies said the company announced the offer Sunday night because executives believe their offer is "so compelling we thought shareholders should know about it.""

39 of 129 comments (clear)

  1. Yeah but... by mccalli · · Score: 4, Funny

    When the shareholders come to vote on it, somehow the results won't be quite as expected...

    Cheers,
    Ian

    1. Re:Yeah but... by Rob+T+Firefly · · Score: 5, Funny

      Should we accept the buyout offer by United Tech?

      24% --- In favor
      25% --- Against
      51% --- Republican

      --
      Slashdot Burying Stories About Slashdot Media Owned
    2. Re:Yeah but... by Anonymous Coward · · Score: 4, Insightful

      I often wonder why people think it will ONLY be used to unfairly benefit Republicans. It's only a matter of time before it becomes an "equal opportunity offender". Problem is, lack of transparency means we will always think the victory was stolen by whoever "wins", but we won't know a damn thing. Does it mean anything to win if the calculation was driven by an easily manipulated database?

    3. Re:Yeah but... by infonography · · Score: 5, Insightful

      Democrats used to be completely corrupt, racist, and complete liars. Look up Tammany hall Republicans used to be progressive eco-friendly and moral see Abraham Lincoln, Teddy Roosevelt. Don't tie yourself to a party, they won't be who you knew when you were growing up. Consider Mark Foley, Tom DeLay, Trent Lott, Karl Rove, and Bill Frist. Do you really want leave these guys alone with your kids or even know where you live let alone running the country???? 30 years from now it will likely change. It's the way the world works.

      --
      Sorry about the writing. Robot fingers, you know? Cliff Steele in DOOM PATROL #23
    4. Re:Yeah but... by The+Analog+Kid · · Score: 2, Informative

      Republicans used to be progressive eco-friendly and moral see Abraham Lincoln.

      If you think Abraham Lincoln wasn't racist, you're lying to yourself.

      "I will say then that I am not, nor ever have been in favor of bringing about in anyway the social and political equality of the white and black races - that I am not nor ever have been in favor of making voters or jurors of negroes, nor of qualifying them to hold office, nor to intermarry with white people; and I will say in addition to this that there is a physical difference between the white and black races which I believe will forever forbid the two races living together on terms of social and political equality. And inasmuch as they cannot so live, while they do remain together there must be the position of superior and inferior, and I as much as any other man am in favor of having the superior position assigned to the white race. I say upon this occasion I do not perceive that because the white man is to have the superior position the negro should be denied everything." -Abraham Lincoln

  2. It's probably not about Premier Elections Systems by morgan_greywolf · · Score: 2, Informative

    It's probably not about Premier Elections Systems. The companies United Tech are all aerospace and defense contractor. Diebold sells a lot of security systems products and services. It's probably more about that than about the election machines.

    --
    My blog
  3. Confusion by captaindirtnap · · Score: 5, Informative

    2-3 Billion$ ATM business... 100 Million$ Election system business... Why do people think Diebold is primarily election systems-based?

    1. Re:Confusion by Cryophallion · · Score: 2, Insightful

      Because that is what gets more publicized.

      Since the voting machines have had problems, all the news has been about that portion of their company, especially in an election year.

      Now, if all their machines had started spewing out $20s at a certain time of day at some point last year, then we would be talking about the atm machines.

      Many companies are known (or infamous) for a small subset of their business. Diebold is no exception, especially when they have been all over Slashdot for their voting machines for the last few years. So, of course those who read Slashdot are going to talk about that. A banking board will likely be talking about the atms.

    2. Re:Confusion by fishbowl · · Score: 2, Insightful

      >Why do people think Diebold is primarily election systems-based?

      The position of control over a whole country's election system is
      far more valuable than the revenue of the business. Why do you think
      that the voting machine business being less valuable on the bottom line
      makes it a less important part of the company's portfolio?

      --
      -fb Everything not expressly forbidden is now mandatory.
  4. Now even more pressure to buy the Voting machines by Cryophallion · · Score: 2, Funny

    With UT behind it, there will be even more pressure on municipalities to buy the machines.

    I can hear it now:
    "Buy the machines, or we stop all your elevators, and we turn off all the fire and intrusion alarms!"

    Now THAT is a good bargaining chip.

  5. Re:Sikorsky Aircraft? by Constantine+XVI · · Score: 4, Informative

    According to Wikipedia (http://en.wikipedia.org/wiki/United_Technologies); United Tech (Sikorsky's parent) is based in Hartford, CT

    --
    "I think an etch-a-sketch with an ethernet port would beat IE7 in web standards compliance."
  6. Profit! by gnurfed · · Score: 5, Insightful
    1. Buy Diebold
    2. Elect neo-conservatives
    3. Get the US into more wars
    4. Sell lots of military hardware
    5. Profit!
    (no ????-step this time)
  7. Re:It's probably not about Premier Elections Syste by GWLlosa · · Score: 5, Informative

    That is entirely correct. Diebold is one of the key players in the ATM business, as well as being a major provider of banking security equipment. To clarify (since this is slashdot) banking security here refers to safes, cameras, locks, and bulletproof teller windows, not encrypted data on the server or anything. They've also made a significant effort to streamline banking processes in recent times; they've got a fair amount of technology relating to scanning and transmitting financial documents, so as to preclude the need to send the physical document itself.

    Elections, despite the notoriety it has caused, is more or less a 'side' business for Diebold, which was probably the result of someone high-up watching the Gore VS Bush Florida recount debacle and saying to himself, "Now THAT [election devices] looks like a growth market right there..." As far as I know, the 'Diebold Election Systems' branch was simply bought and bolted on to the company.

  8. Re:It's probably not about Premier Elections Syste by sunking2 · · Score: 2, Informative

    Actually that is far from true. UTC is about as diversified a company as you can find. While known as and still probably slightly tilted in the aerospace/defense side they include such heavy weights as Otis Elevator and Carrier. I think carrier at this point is on par if not greater than even Pratt revenue wise. In fact, if you look over the last 5 years their industrial companies are far outpacing the aero side in annual growth. A good reason why their stock is a pretty good bet, especially in times like these. Sure they won't pull a google, but if you are looking for an almost guaranteed 10%-15% over any given 5 years they are a pretty good bet.

  9. In a total suprise... by sunking2 · · Score: 2, Funny

    George David is elected President. Homeland Security raids GE.

  10. Is it just me? by n3tcat · · Score: 3, Insightful

    Have I been under a rock, or have there always been this many unsolicited bids being tossed about? Or is it just that the economy is shit right now and the people with money are trying to take advantage of the situation?

  11. Re:Sikorsky Aircraft? by gedeco · · Score: 2, Informative

    Igor Sikorsky:
    the Wikipedia article you should have read
    http://en.wikipedia.org/wiki/Igor_Sikorsky

  12. Guess its a hostile take over by sunking2 · · Score: 2, Informative

    I thought this was interesting. http://utc.com/press/releases/2008-03-02.htm

  13. Shady elections are one thing... by NotQuiteReal · · Score: 3, Interesting
    but the real money is in stocks

    I'm not saying anyone did, but an insider would be up 65% plus on the buyout bid news this morning...

    --
    This issue is a bit more complicated than you think.
    1. Re:Shady elections are one thing... by jc42 · · Score: 2, Interesting

      Sure, but this is way too much of a honeypot to even think you could get away with any shinangans.

      How so? The Diebold electronic-voting scandal has been with us for about a decode now, and I don't seem to have read of any indictments. Even Wally O'Dell's infamous promise in writing to deliver Ohio to the Republican got no obvious attention from the legal system. There don't seem to be much more than a few small-scale, local investigations so far, and the Justice Dept seems supremely uninterested in the topic.

      I'd bet (and a lot of investors will bet) that they'll continue to get away with it for a very long time. After all, the people in a position to investigate them are working for politicians, many of whom were elected with the help of Diebold equipment. And there are preliminary reports that Diebold has branched out to helping Democrats in the current primaries.

      Maybe the investigators are just managing to keep a really low profile. But a better bet would be that they aren't doing much serious investigating at all.

      --
      Those who do study history are doomed to stand helplessly by while everyone else repeats it.
  14. Re:Sikorsky Aircraft? by Asic+Eng · · Score: 4, Insightful
    Well, I think despite Constantine objection that the company is actually based in Hartford, CT - this is really the heart of the matter. If you wouldn't trust the machines if they were delivered by a Russian company, then you shouldn't trust them at all. Even if Diebold were a company of excellent reputation, impartial and known to deliver the best quality - how could you be sure that there wasn't at least one engineer working for them who could be bribed by a foreign power? Who is to say they don't have a sleeper agent on their workforce? Why wouldn't a hostile government attempt to gain control of the voting process? Maybe their push to avoid paper records is not just motivated by a desire to cover up problems in a shoddy product - maybe it's really because someone in that company needs to make sure that there can't be a trace?

    I don't really think Diebold is controlled by a foreign power currently, but it seems like a rather high risk to take - combined with a rather low chance of finding out if it were to happen.

  15. Re:It's probably not about Premier Elections Syste by ozmanjusri · · Score: 2, Funny
    Elections, despite the notoriety it has caused, is more or less a 'side' business for Diebold,

    Which would you rather control, a $2.8b company or a $13 trillion economy?

    --
    "I've got more toys than Teruhisa Kitahara."
  16. In unrelated news... by elrous0 · · Score: 2, Funny

    Senator John McCain introduces proposal for a multi-year, $50 billion initiative to purchase Sikorsky helicopters for our military.

    --
    SJW: Someone who has run out of real oppression, and has to fake it.
  17. Totally makes sense to buy now ... by slashdotmsiriv · · Score: 4, Funny

    After the recent Diebold fiasko, their stock has hit record bottom http://www.theonion.com/content/video/diebold_accidentally_leaks

  18. Err... by brian0918 · · Score: 2, Funny

    So instead of the term diebold catching on as a perjorative, we're going to have to say something like "Damn, Hewlett Packard has pulled a real Pratt & Whitney, Otis Elevator and Sikorsky Aircraft on the public!"

  19. Re:It's probably not about Premier Elections Syste by bluefoxlucid · · Score: 2, Funny

    Repeat after me: George Bush does not have a giant lever marked "Economy."

    --
    Support my political activism on Patreon.
  20. You are absolutely right. by brennanw · · Score: 4, Funny

    It's a very TINY handle. And you need to jiggle it in order to get it to flush properly.

    --
    Eviscerati.Org: All Hail the Eviscerati
  21. Re:Sikorsky Aircraft? by R2.0 · · Score: 2, Insightful

    So are you saying the data on Igor Sikorsky in the Wikipedia article isn't true? Or are you just a blowhard?

    --
    "As God is my witness, I thought turkeys could fly." A. Carlson
  22. Re:It's probably not about Premier Elections Syste by aldousd666 · · Score: 2, Interesting

    I'd agree with you. But you can't mean what I think you do or that would mean I was seeing someone who knows something about economics, for real, from facts, not from feelings or beliefs, on Slashdot. That just can't be. So should I laugh instead?

    --
    Speak for yourself.
  23. Hostile Takeover by deacent · · Score: 4, Interesting

    I actually read about this in my local paper Hartford Courant this morning. I don't think the CNN article really does a good job indicating the "hostile" in this hostile takeover. Note the part where Laurer directed UTC not to have further contact with board members.

    My impression is that UTC has been getting more heavily into security over the last several years and they are probably more interested the ATM/check machine aspect of Diebold, in spite of Diebold's entanglements with voting machines.

  24. Pentagon Voting Machines by Doc+Ruby · · Score: 4, Insightful

    Seems to me that the company dependent on the Pentagon shouldn't have the kind of say in counting votes for office that determine the Pentagon's budget.

    Not while their products are closed systems, able to be rigged in secret, anyway.

    --

    --
    make install -not war

  25. M.I.C. + voting machine ownership = fascist state by BardBollocks · · Score: 2, Interesting

    That's all the US needs - overt ownership of election tallying systems by part of the Military Industrial Complex. Yeah, I am sure that the United States should look forward to an era of peace and prosperity.. >:|

  26. Re:It's probably not about Premier Elections Syste by bluefoxlucid · · Score: 2, Insightful

    Defense budget: Economic growth. Dump money into R&D for things like armor, vision systems (night vision goggles designed for the C4ISR initially), radars, new fuel systems and engines for planes, power storage systems (I could make use of ultra caps in a war zone, trust me)....

    NASA: More of the same. Dump cash into space research and suddenly you have non-tube transistors, heat shielding, capri sun packets, CO2 buffers, some toy that uses heated iron to break CO2 down into carbon deposits (scrape this off) and oxygen (breath this). Mind you the R&D labs doing this are spitting out all kinds of technology

    FTC: Not exactly the President's job. Controls the lending industry's rates. Higher rates, fewer people able to afford to borrow. Lower rates, border liners can now afford the $700/mo instead of $1100/mo mortgages (this would make or break me; my buffer isn't comfortable on the last $300 there...).

    Lower taxes on businesses, dump money into government spending, creates some jobs now, gets things rolling. In 5-10 years the whole economy might reflex, if you hit it hard enough. Something rolling out of control may need taxing or regulation to slow it (dot-com bust?). It's not just the President, and it's not something you turn on and off; the effects of your executive decisions will still be just starting to trickle in at the end of your term.

    I'm no economist. The left side of my brain is 100% active and the right side is practically dead. I'm working on fixing that. Just, stuff like this makes a painful amount of plain sense. If you lower taxes by 5% and don't lower spending and the businesses are hiring more employees and contractors and there's 10% more money floating around, you just raised government income tax revenues by 5% overall... and made the economy more active in the process. If you lower taxes by 5% and there's 3% more money floating around, you might have a little budgeting problem....

    I'm just sick of people going "look depression look bush's fault look he hasn't fixed it in 2 years look it's still getting worse" damnit people shut up. The president can destroy the budget in 2 months; but if he comes into an awesome economy and it collapses 2 months into his term it's far, far from his fault. Unless he jacks taxes up to double what they currently are, that'll do it; but at this point you're playing Truck Dismount with economics.

    --
    Support my political activism on Patreon.
  27. Re:Sikorsky Aircraft? by sm62704 · · Score: 2

    Truth is rare on wikipedia, the articles there prove nothing -- other than how easy people will believe in information that basically looks correct, even when it's rarely no more than a pile of badly-written lies.

    How true! I personally prefer the Uncyclopedia, and it says Igor Sikorsky doesn't exist. Oh wait, here he is, apparently he changed his name to "Smith". Hell, if I had a Russian name during the cold war I'd change it to "Smith" too!

    Ignore that nonsense on Wikipedia, Uncyclopedia is way more accurate.

    --
    mcgrew's razor: Never attribute to stupidity that which can be explained by greedy self-interest
  28. Comment removed by account_deleted · · Score: 2, Insightful

    Comment removed based on user account deletion

  29. Diebold bought their way into the election biz by gelfling · · Score: 2, Insightful

    And until about 3 months ago were looking to sell themselves out of it. Election systems were never a money maker for Diebold and conspiracy theories notwithstanding, they have a fairly good record outside of the US. However they don't make much money in it. They also don't spend much money addressing public concerns which in any other venue would make sense, financially. But they're discovering that in the US election systems are like a public trust and require more investment than return.

  30. Re:It's IS about Premier Elections Systems by ukemike · · Score: 2, Funny

    Diebold's ATM and bank security business $2 billion
    Diebold's Other Miscellaneous Businesses $0.6 billion

    Ability to control the US's elections... Priceless.

    --
    -- QED
  31. Re:It's probably not about Premier Elections Syste by immcintosh · · Score: 2, Insightful

    My question is, if the economy gradually collapses throughout eight years of office, THEN can you blame the President? I mean, I can't really blame him for 9/11, but I can sure blame him for what's happened since. Maybe that's a bit of a stretched analogy...

  32. Because McCain is connected by tomanjeri · · Score: 2, Informative

    McCain's chief political advisor, Charlie Black, is currently a lobbyist for United Tech, that's why this would benefit Republicans.
    The Anti-Lobbyist, Advised by Lobbyists