Drone maker Aero­nau­tics gets $232 mn buy­out of­fer

Hindustan Times ST (Jaipur) - - World -

JERUSALEM: Is­rael’s state-owned Rafael Ad­vanced De­fense Sys­tems and busi­ness­man Avi­hai Stolero have of­fered to buy un­manned ae­rial ve­hi­cle maker Aero­nau­tics for 850 mil­lion shekels ($232 mil­lion). The news sent shares of Aero­nau­tics up 37% in morn­ing trade in Tel Aviv on Sun­day. Aero­nau­tics re­jected a 430 mil­lion shekel of­fer from Rafael and Stolero last Au­gust. Aero­nau­tics, which had a mar­ket value of 507 mil­lion shekels on Jan­uary 10, said the lat­est of­fer for all its shares would be done as a re­verse merger ex­e­cuted through a com­pany jointly owned by Rafael and Stolero. The com­pany would be­come pri­vate and its shares delisted from the Tel Aviv Stock Ex­change. Aero­nau­tics said it had agreed to hold talks with the po­ten­tial buy­ers and com­mit­ted to giv­ing them ex­clu­siv­ity. Ne­go­ti­a­tions will take place un­til Fe­bru­ary 15, dur­ing which time Rafael will con­duct due dili­gence. Ear­lier this month, state-owned Is­rael Aero­space In­dus­tries said it was in early talks to in­vest in Aero­nau­tics.

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