United Technologies shareholder Bill Ackman sent letter opposing mega-deal with Raytheon
CNBC - Wed 12 Jun 01:30 GMT

Ackman, whose Pershing Square Capital Management owned 5.8 million United Technologies shares at the end of the first quarter, said in a letter that the tie-up is ill-advised.

United Technologies shareholder Bill Ackman sent letter opposing mega-deal with Raytheon

  Activist investor Bill Ackman is urging United Technologies to abandon its $100 billion stock merger with Raytheon, a source familiar with the matter confirmed to CNBC.

  Ackman, whose Pershing Square Capital Management owned 5.8 million United Technologies shares at the end of the first quarter, said in a letter that the tie-up is ill-advised.

  Ackman had previously encouraged United Technologies to streamline its business by splitting up parts of the conglomerate.

  The fund manager sent a letter to United CEO Greg Hayes on Sunday morning following a report that the company was in merger talks with Raytheon, the source confirmed to CNBC.

  In a statement to CNBC, United Technologies said, "We are confident that our shareholders will see the merits of this transaction and the value it brings to them and the company.