This graphic in Wired.com's Finally, New Horizons' First Photos of Ultima Thule suggest the contact process could have been extremely slow. Rather than two bodies on independent but similar heliocentric orbits approach slowly, touch, and stick, it proposes that they were gravitationally bound and very slowly approached each other as angular momentum was lost somehow.
NASA/JHUAPL/SWRI/JAMES TUTTLE KEANE
There are no fast processes for two bound bodies so far from the Sun to loose angular momentum quickly, so it would have had to be very slow.
Astro Bob says
In this step-by-step view we see how Ultima Thule probably formed when smaller chunks stuck together to form two objects. The twin-lobed structure of Ultima Thule vindicates accepted theory — called the accretion process — of how the solar system built itself up. NASA / JHUAPL / SwRI
The reason the two objects still appear so neatly intact is that they approached each other at about the same speed you back into a parking spot — 1 to 2 miles an hour — and slowly fused together. Take a look again at color photo and focus on the “neck” of the asteroid. The rest of Ultima Thule is reddish-brown, probably from methane or other organic compounds exposed to sunlight, but the neck is pale, almost white and indicates lots of fine-grained material. During today’s press conference, mission scientists suggested it could be material that rolled downhill from the steep slopes where the two bodies make contact. Much more detailed photos are on the way along with compositional measurements that will help answer that question in more detail.
Ultima Thule formed at the beginning of it all from small, icy chunks that coalesced into two planetesimals. The two spiraled into toward one another and joined to form what astronomers call a “contact binary.” If you want to know what things looked like shortly after the first solid materials coalesced from the solar nebula, Ultima Thule appears to be as close as we’ve come so far. Like taking a ride back in a time machine.
Here you can see the difference in the neck area vs. the rest of Ultima Thule. NASA / JHUAPL / SwRI
Let's calculate the gravitational attraction between a 10 km and a 20 km diameter snowball.
I'll assume the density is 1. The could have both voids (many "cosmic snowballs" do) which would lower it, but rocks as well which would raise it, but this is just an order of magnitude calculation.
The distance between centers is the sum of the radii, or 15,000 meters, and we can approximate them as spheres, then use Newton's shell theorem to treat each one as a point at their center.
$$ F=\frac{G m_1 m_2}{r^2}$$
$$m = \rho \frac{4 \pi}{3} r^3$$
With rho of 1 g/cm^3 or 1000 kg/m^3 I get m1, m2 = 5.2E+11, 4.2E+12 kilograms, the force pushing each body into the other (using G=6.7E-11 N m^2 kg^-2) is about 650,000 Newtons, or roughly 66 tons. That's 2/3 of the thrust of a Merlin-1D engine (~900 kN) on each asteroid pushing it towards the other 24/7!
After a while, the touching similar ices will start to fuse, adding some mechanical strength as well. That's over a long time, but things this far out have plenty of undisturbed time on their hands.
Source