Honeywell Says It Was In Talks With United Technologies For $108 Per Share Takeover

Honeywell International Inc. HON confirmed in a press release on Friday that it shared a presentation with United Technologies Corporation UTX, which detailed a proposed $108 per share takeover.

An identical copy of the presentation, titled "HON And UTX: A Unique And Compelling Opportunity For Shareholders," can be seen here.

The presentation detailed various synergies and cost savings that could occur as part of a combined entity. Specifically, Honeywell would realize $3.5 billion in estimated cost synergies, or $20 per share in synergy value.

Related Link: Honeywell-United Technologies Merger Isn't Over, Expert Says

As part of the proposed takeover, United Technologies shareholders would have received $42.63 per share in cash plus 0.614 shares of Honeywell for each United Technology share owned. The company noted that the proposal would have created over $39 billion in value creation for United Technology shareholders and over $72 billion in value creation to all shareholders.

Shares of Honeywell were trading lower by 0.14 percent at $104.02 ahead of Friday's opening bell, while shares of United Technologies were higher by 2.37 percent at $100.40 at the same time.