Details on Honeywell's Merger Proposal to UTC

Hot off the presses: Honeywell just released the presentation it shared with UTC oulining its merger proposal.  Some highlights from the presentation:

• Offer price of $108 per share in cash ($42.63 per share) and stock (0.614 shares of HON per UTX share) which represents a 22 percent premium to UTC's share price as of 2/18/16
• Estimated cost synergies of $3.5 billion from purchasing/raw material spend, indirect, SG&A, corporate, and other costs 
• Over $72 billion (!!) in value creation for all shareholders (yes my eyes hurt too from the all the eyerolling, check out the presentation to see how they came up with the number)
• Pro-form net debt / EBITDA of 3.5x with $36 billion of new debt raised
• Combined entity will have $97 billion in revenue, 20 percent operating margin, double digit EPS growth, and $10 billion in free cash flow

Update: And naturally, UTC disagrees claiming that the deal "grossly undervalues" UTC.  Check out their rebuttal presentation.