Redstone Capital Corporation has offered $35 million for ITL Opttronics.
ITL Optronics revealed today that the offer it received to buy its activity came from US private equity firm Redstone Capital Corporation, managed by Andrew Levy. Levy is also chairman of Fraser-Volpe, a US company in the field of electro-optics that ITL bought control of in 2007 for $7 million.
Last month, ITL disclosed that it had received an offer to buy its activity, including its liabilities, for $35 million. The company's board decided to enter into negotiations with Redstone. The negotiations are expected to last about three weeks, with ITL CEO Eli Venezia trying to obtain an improved offer from the US firm.
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010