Elbit makes public tender offer for Ashot Ashkelon shares

4 years, 7 months ago - 8 April 2020, globes

Elbit already holds 85% of Ashot's shares and is now offering to purchase the remaining 15% from the public at an 8.9% premium on yesterday's closing price.

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT announced today that its wholly-owned Israeli subsidiary, IMI Systems Ltd. has issued a conditional full cash tender offer to acquire all ordinary shares of Ashot Ashkelon Industries Ltd. (TASE: ASHO). Ashot manufactures build to print products such as gears, transmissions and gearboxes for the aerospace, military, and automotive industries.

Elbit already holds 85% of Ashot's shares (acquired when it bought IMI Systems from the State) and is now offering to purchase the remaining 15% from the public at an 8.9% premium on yesterday's closing price. Ashot's share price is up 30% today, well above Elbit's tender offer. The tender offer is valid until April 26.