JERUSALEM (Reuters) - Israel's Aeronautics, which makes military unmanned aerial vehicles, has rejected a 430 million shekel ($117 million) acquisition offer from state-owned Rafael Advanced Defense Systems and businessman Avihai Stolero.
"The company's board has decided to reject the proposal, among other reasons, because of the amount that was offered," Aeronautics said in a statement to the Tel Aviv Stock Exchange on Thursday.
The drone maker disclosed the acquisition offer last week.
In November, Israeli police said they were investigating Aeronautics over a deal involving the drone maker. An Israeli court issued a gag order on publication of details of the investigation and identifying the suspects.
Rafael, one of Israel's largest defence firms, produces the Iron Dome air defence system and the Spike family of guided missiles.
($1 = 3.6826 shekels)
(Writing by Ori Lewis; Editing by Tova Cohen)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app