United Tech, the world's largest maker of elevators and air conditioners, in March made an unsolicited $2.64 billion bid for Diebold, which Diebold management rejected as too low. Speaking to reporters at the world's biggest air show in Farnborough, England, Chenevert noted that Diebold remains behind in its financial reporting. "It doesn't take five quarters to fix a problem with revenue recognition," Chenevert said. Diebold has advised investors not to rely on its financial statements for the years 2003 through 2006. On June 30 it said that it expected to release preliminary financial statements for 2007 and the first two quarters of 2008 within the next four to six weeks.
United Technologies made an unsolicited bid to buy Diebold for $40/share, a 66% premium to its Friday close of $24.14 per share.
