NEW YORK (TheStreet) -- Earlier today, Honeywell (HON) reached out to United Technologies (UTX) shareholders regarding its offer to acquire the company for $108 per share, arguing that the "compelling nature of a combination is undeniable," CNBC reports.
United Technologies stock has consequently risen about 1%, as shares continue to trade as if the deal will occur even after United Technologies CEO Greg Hayes earlier this week told TheStreet's Jim Cramer that a merger simply "ain't gonna happen," Cramer pointed out on CNBC's Squawk on the Street this morning.
Cramer admitted he's "so torn" about the deal because he greatly respects both Honeywell CEO Dave Cote, who is pushing for the deal, and United Technologies CEO Hayes, who is resisting the merger.
On the one hand, a merger between these two "great American companies" would be an "amazing deal" that would really benefit Honeywell stock, Cramer explained.
However, United Technologies's Hayes has "been a monster" recently, Cramer continued. He has taken down costs "like you wouldn't believe."
He added that this is Hayes's moment, as the company has been boasting its new PurePower Geared Turbofan engines and its Otis elevators are benefiting from the Chinese government's increased demand for elevator inspections.
Cramer believes that United Technologies will almost certainly have an earnings breakout in 2017, and Honeywell's Cote wants to steal its rival right before this breakout.
Even so, if the deal doesn't go through, Honeywell is hardly in bad shape either, Cramer pointed out. The company's earnings have been "going great," and it's willing to sell its building solutions business, which is "not that strong."
"Everything has been hitting for Honeywell," Cramer said. "If they get this [deal], it's even more. It's a steal to buy Honeywell, and it's a steal if [Cote] gets United Technologies."