Israeli defense technology company Rafael Advanced Defense Systems and businessman Avihai Stolero plan to acquire unmanned aerial vehicle maker (UAV) Aeronautics in an 850 million shekels ($232.4 million) takeover deal.
Aeronautics, with a market value of $138 million, revealed that its latest offer for all its shares will be as a reverse merger via a company jointly owned by Rafael and Stolero.
The company will hold talks with the potential buyers and negotiations will take place until February 15, during which time Rafael will lead the debate.
Last year, Rafael and Stolero offered $117.1 million for Aeronautics’ takeover.