1. Bill Ackman misses the mark with Raytheon deal critique -

    Bill Ackman misses the mark with Raytheon deal critique -

    Bill Ackman’s critique of United Technologies Corp.’s planned merger with Raytheon Co. cries out for a critique of its own. The activist investor sent an e-mail to United Technologies CEO Greg Hayes over the weekend expressing concern about reports that the company was nearing a deal with missile-maker Raytheon. “We cannot comprehend the strategic logic,” Ackman wrote of the merger, which was announced late Sunday as an all-stock, no premium transaction.

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    1. We cannot comprehend the strategic logic.
    2. The fact that UTC is an interested buyer of a less-cyclical, defense-focused asset like Raytheon is not really a surprise.
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