Herley Industries [HRLY] on Thursday said it continues to explore its strategic alternatives but presently doesn’t believe a sale of the company is viable due to “uncertain economic conditions.”
The company’s announcement followed a Reuters report on Wednesday that said the company had rejected a proposed offer from a potential buyer during a recent auction. Herley, which is a microwave component developer and supplier serving the aerospace and defense industry, said last September it had hired an investment banker to help it explore its strategic alternatives, which typically means the company is up for sale (Defense Daily, Sept. 9).
On Thursday, Herley said its board of directors had not ever considered an offer for the company.
“We expect the board of directors to complete its full review of our strategic alternatives within the next few months. At that time, we will provide the public, including our shareholders, with our vision for the future of the company,” Myron Levy, Herley’s chairman and CEO, said in a statement.