Deals
United Technologies Again Spurns $90 Billion Honeywell Offer
- Offer of $108 a share is `grossly' undervalued, target says
- Honeywell calls combination `compelling, transformational'
Honeywell-United Technologies: Breaking Down the Offer
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United Technologies Corp. forcefully rejected Honeywell International Inc.’s purchase offer as the companies traded public statements over the proposed $90 billion tie-up.
Honeywell’s $108-a-share bid this month “grossly undervalues” United Technologies, its chief executive officer said in an open letter filed Friday with the U.S. Securities and Exchange Commission. A deal would likely be blocked by antitrust regulators or require heavy divestitures, CEO Gregory Hayes said, reiterating similar comments he made this week.