United Tech says Honeywell's offer undervalues company

Fri Feb 26, 2016 2:02pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

(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