Billionaire investor Daniel Loeb said on Friday that his hedge fund Third Point LLC will vote against the proposed merger between United Technologies and Raytheon.
"We have concluded that the proposed combination of United Technologies and Raytheon is ill-conceived and unlikely to create value for UTC shareholders," Loeb said in a letter to the United Technologies board of directors.
Earlier in June, United Technologies and Raytheon agreed to an all-stock merger which would create a company worth around $120 billion. However, United Technologies shareholder William Ackman already voiced his opposition to the deal and United States President Donald Trump expressed concerns over the merger as it would create less competition in the already "non-competitive" defense industry.
