November 28, 1995 FOR MORE INFORMATION:
DIEBOLD SUCCESSFULLY COMPLETES GRIFFIN TECHNOLOGY TENDER OFFER
CANTON, Ohio -- Diebold, Incorporated (NYSE:DBD) today announced
the successful completion of its tender offer for shares of Griffin Technology
Incorporated (NASDAQ:GRIF), based in Farmington, New York.
On Oct. 26, 1995, Diebold, acting through its wholly owned
subsidiary D-GT Acquisition, Incorporated, offered to purchase all outstanding
shares of common stock, par value $0.05 per share, of Griffin at $7.75 per
share, net to the seller in cash. The offer expired at midnight on Monday,
Nov. 27, 1995.
The Depositary has informed Diebold that 2,333,982 shares of
Griffin stock were tendered and not withdrawn prior to the expiration of the
tender offer, including 1,999 shares tendered under guaranteed delivery
procedures. The tendered shares represent approximately 97.77 percent of all
outstanding Griffin stock. All shares tendered and not withdrawn in the offer,
including those subject to guaranteed delivery procedures, were accepted for
As contemplated by the previously announced merger agreement,
Diebold will acquire the remaining Griffin shares through a cash merger. In
the merger, the remaining outstanding shares, other than those held by
- 2 -
appraisal rights, will be converted into the right to receive $7.75 per share.
Diebold, Incorporated, headquartered in Canton, Ohio, is a world
leader in card-based transaction systems, security and service solutions to the
financial, education and healthcare industries. Founded in 1859 as a security
equipment company, Diebold currently provides integrated solutions
incorporating its ATMs, electronic and physical security systems, electronic
payment systems, professional services and software.
Dates Referenced Herein and Documents Incorporated by Reference