Farmington, Conn.-based manufacturer United Technologies Corp. canceled the sale of its fire-safety and security unit, Bloomberg News reported, citing a Jan. 10 company statement in response to queries from the publication.

Based on the company's account, Bloomberg reported, United Technologies chose not to sell Chubb Fire & Security Pty. Ltd. "due to the recent market volatility." The manufacturing conglomerate in November 2018 announced plans to break up its businesses after pressures from activist shareholders, Dan Loeb's Third Point LLC and Bill Ackman's Pershing Square Capital Management LP.

Bids submitted by prospective buyers did not meet United Technologies' expectations, people familiar with the matter told Bloomberg, with one person adding that the company was planning to sell the unit for about $3 billion. Interested parties include private equity firms Apax Partners LLP, PAI Partners and Eurazeo SE.

Representatives for PAI, Eurazeo and Apax did not comment on the matter.