Feb 26 (Reuters) - United Technologies Corp said Honeywell International Inc's offer grossly undervalued the company and overstated potential synergies.
Honeywell said earlier on Friday that it had offered to buy United Tech for about $90.7 billion.
If a deal materializes, regulatory delays "would ultimately destroy shareholder value," United Tech said. (Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila)