Shares of United Technologies 1.16% to $117.03 on Wednesday after the New York Post reported that the aerospace manufacturing company has become the target of an activist investor.
Although the hedge fund, who has been snatching up shares of United Technologies, was marked "unidentified," sources told the Post it is possibly Dan Loeb, the billionaire founder and CEO of Third Point.
The activity has caused United Technologies CEO Gregory Hayes to become concerned and may illustrate his motive for wanting to acquire Rockwell Collins (COL) . Earlier this month it was reported the company was mulling a bid for the provider of avionics and information technology systems.
"I know there is a lot of pressure on United Technologies," a banker close to the situation told the Post.
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