Third Point LLC has joined Pershing Square Capital in opposing the planned $120 billion merger between United Technologies (UTX) - Get Report and Raytheon Co. (RTN) - Get Report Friday, calling the tie-up "ill conceived and unlikely to create value for shareholders".

In a letter to Untied Technologies' board, activist investor Dan Loeb said it unconvinced as to the rationale of the deal, and said the company had provided little more than a "word salad" of claims to make as case that was "short on substance and lacked evidence of a strategic plan to create shareholder value."

The Fund's criticism echoes that of William Ackman, who runs the activist hedge fund Pershing Square, who contacted United Technologies' CEO Greg Hayes shortly after the deal was made public earlier this month. Ackman, whose fund owns around 0.67% of United Technologies, had previously supported the group's plans to split into three separate businesses.

"We are troubled by Raytheon's CEO Thomas Kennedy's remark at the event in Paris that a standalone Raytheon would be "out of business" in ten years' time if it mirrored the capital allocation policies of its peers," Third Point said Friday. "Perhaps Mr. Kennedy simply attempted to scare his shareholders into voting for the deal. However, one cannot help but question the integrity of Raytheon's financial outlook provided to the Board."

"If Mr. Kennedy oversold shareholders on the demise of Raytheon as a standalone entity, it stands to reason that he likely oversold the Board on Raytheon's growth prospects," the letter continued. ""We have concluded that the proposed combination of United Technologies and Raytheon is ill-conceived and unlikely to create value for United Technologies shareholders."

United Technologies shares were marked 0.36% lower at $128.50 each Friday following the Third Point letter, while Raytheon was seen 0.2% lower at $177.70 each. 

President Donald Trump has also expressed little support for the deal, telling that he was concerned the tie-up could reduce competition in the defense sector and give the Pentagon reduced leverage in negotiating future procurement contracts.

"I want to see that we don't hurt our competition," Trump said Monday . " I hope (the deal) can happen. But I don't want to see where we have one less person that can compete for an order. I don't want to see that. It's no good."

Raytheon Technologies Corp., the proposed name for the newly-created group, with have combined sales in the region of $74 billion, the companies said in a statement published Sunday, and will be listed on the New York Stock Exchange.

Raytheon, which makes the Tomahawk and Patriot missile systems for the U.S. military, will own 43% of the combined group, which will be lead by United Technologies' Hayes. Raytheon's Kennedy will serve as executive chairman for a minimum of two years.