Shares of Rockwell Collins (NYSE:COL) hit an all-time high Monday rising nearly 7% on reports United Technologies (NYSE:UTX) may be considering buying the maker of aviation systems for commercial and military customers. Shares of United Technologies fell on Monday and were among the Dow's weakest performers.
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A price of under $140 per share for Rockwell has been offered, as reported by the Wall Street Journal, who also cited the deal could be valued around $20 billion, citing sources close to the discussions.
The team at JPMorgan called any potential deal a "mixed event" for United Technologies (NYSE:UTX). Rockwell Collins has a market value around $19 billion as of Friday's close.
News of the deal was first reported by Bloomberg which cited people familiar with the matter. The discussions are considered to be in the early stages.
Shares of United Technologies have advanced 10% this year and Rockwell Collins more than double at 28%.
A spokesperson for United Technologies tells FOX Business, "As a matter of policy we never comment on M&A rumors or speculation.”
Inquiries by FOX Business to Rockwell Collins were not returned at the time of publication.