United Tech says Honeywell's offer undervalues company

Fri Feb 26, 2016 2:02pm EST
 
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(Reuters) - United Technologies Corp (UTX.N: Quote) said Honeywell International Inc's (HON.N: Quote) offer grossly undervalued the company and overstated potential synergies.

Honeywell said earlier on Friday that it had offered to buy United Tech for about $90.7 billion.

If a deal materializes, regulatory delays "would ultimately destroy shareholder value," United Tech said.

(Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila)

 
A view of the corporate sign outside the Honeywell International Automation and Control Solutions manufacturing plant in Golden Valley, Minnesota, in this file photo dated January 28, 2010. REUTERS/ Eric Miller