Morning Agenda: United Technologies Declines Honeywell Offer

By Amie Tsang, New York Times – MSN News

United Technologies has rejected an offer from Honeywell International worth about $108 a share in stock and cash,

Leslie Picker and Michael J. de la Merced report in DealBook. Honeywell would have paid a 25 percent premium to where United Technologies’ stock traded at the time.

United Technologies had already broken off talks about a merger with Honeywell International over regulatory concerns and worries about who would run the combined company.

Honeywell had believed that regulators would only require a small divestiture and that its chief executive, David Cote, should run the combined company, while its shareholders would own about 60 percent of the merged operation … more