United Technologies has offered $28 a share for as many of 17 million shares of Carrier Corp. outstanding stock. Carrier shareholders have not offered to pay more for the stock in an effort to block the takeover. The Dec. 13 edition of The Washington Post erroneously reported that United Technologies offered $17 a share and that Carrier stockholders had offered more to block the takeover.
The Justice Department has moved once more to stop United Technologies Corp from taking over Syracuse-based Carrier Corp., which Monday reported record earnings.
The Antitrust Division of Justice filed an appeal in federal court in New York this week seeking to overturn a Syracuse judge's ruling that the merger could proceed.
The ruling had already been stayed until Thursday to give Carrier time to argue its own appeal.
Justice asked the courts to issue an injunction preventing the merger because the government has "raised sufficiently serious questions" about the potential takeover. Justice also contended that the judge should not have given the consideration he did to protential financial harm to stockholders that could result from the merger.
The government contends that the merger would give Carrier an unfair position in the air-conditioning business and lead to reciprocal dealings between the two companies.
United Technologies, a Hartford-based conglomerate, already is fighting an attempt by the New York State attorney general to block the takeover on antitrust grounds.
Carrier Monday reported profits in the fiscal fourth quarter of $23.1 million, up 45 percent from a year ago, while sales jumped 70 percent to $580.7 million.
United Technologies has offered $17 a share for as many as 17 million shares of Carrier's outstanding common stock - 49 percent of the outstanding shares. Carrier shareholders have offered to pay more for the stock in an effort to block the takeover.