United Technologies Corp. (UTC) shareholder William Ackman sent a letter to the company to protest its planned merger of equals with Raytheon Co., the Wall Street Journal reported. The owner of Pershing Square Capital Management claimed a "substantial majority" of other investors will protest if the agreement is not abandoned.
"It makes no sense to us why you would consider a stock acquisition using today’s massively undervalued UTC common stock to buy a large business of inferior quality to the company’s existing businesses, and for which we cannot comprehend the strategic logic," Ackman wrote in his email, seen by the WSJ.
