Honeywell Stops its Pursuit of UTC
Honeywell has thrown in the towel, at least for now, on its pursuit of United Technologies. In a strongly worded press release, Honeywell reiterated its previous position that the regulatory process would not have been a material obstacle to a transaction. In addition, Honeywell claims that they "were told by them [UTC] during the meeting that such a combination would be fabulous, they would take it very seriously, and they would get back to us with questions within a week in anticipation of their upcoming Board meeting."
We're pretty sure this won't be the last time these two companies discuss a potential combination.
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