White Electronic Designs Won't Sell Business

PHOENIX (AP) — White Electronic Designs Corp., which makes technology components for the military, said Wednesday that it will not sell the business after conducting a review of its alternatives.

The company said it did receive some formal offers and several indications of interest, but decided the proposals were not in the best interest of the business or its shareholders.

White Electronic, whose board formed a special committee in August 2008 in order to evaluate all possible strategic options, will continue to run as a stand-alone business.

In addition, founder and Chairman Edward A. White has decided to retire and will be succeeded by Brian R. Kahn. White took over as chairman in August 2008, when Hamid R. Shokrgozar resigned.

Shares of White Electronic Designs fell 69 cents, or 14.6 percent, to $4.05 in morning trading. The stock has traded in a 52-week range of $3 to $5.25.