Fleet Aerospace opened a tender for Aeronca.

The Toronto-based aircraft, radar and satellite manufacturer offered $5 per share for Aeronca’s 3 million outstanding shares. Aeronca, based in Charlotte, N.C., said that the offer was unsolicited and that it had scheduled a board meeting to consider the proposal. Fleet also disclosed that it already owns about 4.75% of Aeronca’s outstanding shares and had obtained a $28.7-million commitment from a Canadian bank to finance the offer.