ITL Optronics Ltd. (TASE: ITL), a manufacturer of military optical systems, today notified the Tel Aviv Stock Exchange (TASE) that it has received an offer to purchase from a US company. The offer is in cash. ITL did not disclose the name of the company.
ITL said its board is reviewing the offer.
Artillery and kitchenware manufacturer Soltam Systems Ltd. owns 64.45% of ITL.
ITL's share jumped 30% on the news, before retreating to a gain of 25%, to NIS 6.26, giving a market cap of nearly NIS 80 million. The shares are up 44% year-to-date.
Published by Globes [online], Israel business news - www.globes-online.com - on December 23, 2009
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