Israel’s state-owned Rafael Advanced Defense Systems and businessman Avihai Stolero signed a deal to buy unmanned aerial vehicle maker Aeronautics for 850 million shekels ($235 million) in cash, according to a regulatory filing.
The purchase price of 15.36 shekels a share is double that of Aeronautics’ average share price in the 30 days prior to Rafael making its buyout offer on Jan. 13, Aeronautics said on Wednesday.
Aeronautics’ market value has jumped to 786 million shekels from 507 million on Jan. 10.
Aeronautics, which manufactures unmanned aerial vehicles for military surveillance and defence purposes, as well as for the commercial sector, will become private and its shares delisted from the Tel Aviv Stock Exchange.
Source: Nasdaq
[Initial offer was $235M – Ed.]