United Technologies Corp. on Friday rejected Honeywell International Inc.’s purchase offer, saying it “grossly undervalues” the company.
The proposed deal would be too difficult to get done due to regulatory hurdles, United Technologies Chief Executive Officer Gregory Hayes said in a letter Friday. Shares rose 0.4 percent Friday before they were halted in advance of the announcement.
A combined Honeywell and United Technologies would create an aerospace behemoth with more than $90 billion in annual sales. The companies sell products including jet engines, thermostats, elevators and cockpit voice recorders.