Defense electronics developer Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) unit Elsec (Elbit Security Systems Ltd.) has raised its offer for the outstanding shares of ITL Optronics Ltd. (TASE: ITL).
Elsec increased the price from NIS 5.85 (about $1.51) per share, to NIS 6.63 (about $1.72) per share, for a revised total offer of NIS 11,794,452 (approximately $3.06 million).
The ordinary shares of ITL currently held by the public represent 14.37% of ITL's outstanding share capital. The tender offer will remain open through August 4, 2010.
Shares in Elbit Systems closed yesterday at $53.48.
Published by Globes [online], Israel business news - www.globes-online.com - on July 29, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010