Elbit Systems again failed to obtain enough acceptances to buy out the public's 15% stake.
The share price of Ashot Ashkelon Industries Ltd. (TASE: ASHO) fell sharply on Thursday, although it has corrected upwards today, after the improved tender offer to purchase the public's holdings in the company by Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) failed.
Elbit Systems owns 85% of Ashot Ashkelon, which it received when it acquired Israel Military Industries in late 2018. The offer was NIS 12 per Ashot Ashkelon share, altogether NIS 42.5 million. Elbit Systems' previous offer was NIS 7 per share. Ashot Ashkelon's current price of the Tel Aviv Stock Exchange is NIS 11.41. The company produces components for the aerospace, defense and automotive industries.
Published by Globes, Israel business news - en.globes.co.il - on May 3, 2020
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Ashot Ashkelon