Aeronautics Rejects Acquisition Offer by Rafael, Stolero

Aeronautics' Orbiter 4 UAV (Photo: Aeronautics)

Israeli drone maker Aeronautics Ltd. announced it is rejecting a $116.6 million (NIS 430 million) offer for its acquisition in a Thursday filing to the Tel Aviv Stock Exchange. Last week, Israeli defense technology contractor Rafael Advanced Defense Systems Ltd. has partnered with Israeli businessman Avihai Stolero to make a bid for Aeronautics.

In the filing, Aeronautics said it is rejecting the offer due to what it perceived to be a low valuation.

 

[First publication:  www.calcalistech.com]