Koor Industries

(Nasdaq:KOR) recently refused to sell the controlling stake in Elisra Electronic Systems to the First Israel Mezzanine Investors fund,

Ma'ariv

reports.

FIMI's CEO, Ishai Davidi, met with Koor president Danny Biran to discuss a takeover of Elisra, but Koor backed away from a deal, the paper writes.

FIMI had reportedly intended to merge Elisra with Tadiran Communications.