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 (NYSE: UTX) and Honeywell International Inc. (NYSE: 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.