United Tech says Honeywell's offer undervalues company
1 Min Read
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
(Reuters) - United Technologies Corp (UTX.N) said Honeywell International Inc’s (HON.N) 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