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Diebold (ticker: DBD, exchange: New York Stock Exchange) News Release - 22-Jan-2002
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Diebold Finalizes Acquisition of Global Election Systems
NORTH CANTON, Ohio, Jan. 22 /PRNewswire-FirstCall/ -- Diebold, Incorporated (NYSE: DBD) announced today it has completed its acquisition of Global Election Systems Inc. (Amex: GLE) (TSE: GSM) Following the acquisition, Global will be a wholly-owned subsidiary of Diebold. Pursuant to the acquisition agreement, each Global common share will be exchanged for US$0.227 and 0.02421 Diebold common shares. Global's shares will be delisted from the Toronto and American Stock Exchanges promptly following the closing.
(Photo: newscom.com )
Prior to the closing of the acquisition, Diebold did not own any shares of Global, but held certain options and other rights to acquire Global shares. Diebold will own 100 percent of the outstanding shares of Global.
"This acquisition will provide voters nationwide with a powerful electronic voting solution that combines Diebold's core expertise in automated teller machines (ATMs) and security solutions with Global's vast knowledge of the U.S. elections industry," said Thomas W. Swidarski, vice president, Strategic Development & Global Marketing at Diebold. "In addition, Diebold brings the industry's only worldwide service organization as well as unparalleled financial strength."
Last year, Diebold successfully implemented the world's largest electronic voting system for 100 million voters in Brazil. Recently the state of Maryland took the first steps toward a uniform voting system when the State Elections Board endorsed a contract with Global valued at $17 million for more than 4,600 electronic touch screen machines and related service.
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