United Technologies CEO Comments On Honeywell Merger Rumors, Says 'Ain't Going To Happen'

Investors and traders were scrambling on Tuesday to find any truth to media reports that suggested a merger between United Technologies Corporation UTX and Honeywell International Inc. HON

The Wall Street Journal reported that United Technologies' CEO Gregory Haye shot down any truth to the theory and told CNBC that a merger of the two companies "ain't going to happen." The executive added there is "no path forward" for a merger proposal.

Related Link: Bernstein: Honeywell-United Technologies Merger 'Unlikely'

However, Hayes did confirm Honeywell presented an offer to acquire the company in a deal valued at $108 per share. The offer was ultimately rejected as the combined entity would unlikely survive a rigorous antitrust evaluation.

Shares of United Technologies were trading lower by 1.4 percent at $91.08 Tuesday afternoon, while shares of Honeywell were lower by 1.27 percent at $103.25.