UTC’s offer for the company was agreed by Clipper’s board in October. Under the terms of the deal, the manufacturer was valued at £139.5million ($220million).
The agreement also stipulated that Clipper's founder and chairman Jim Dehlsen would resign with immediate effect.
Clipper announced it was in talks with UTC about a possible takeover in September. At the time, the manufacturer said sales had fallen by 65% in the six months preceding 30 June compared with the same period in 2009.
Additionally, Clipper said there was "significant doubt of the company’s ability to continue as a going concern" if it was unable to secure the additional financing by September 30.
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