Frustrated by Maxwell Laboratories’ indifference to its...

Frustrated by Maxwell Laboratories’ indifference to its overtures, Jaycor has withdrawn its $17 a share cash merger offer proposed last month to acquire the pulsed power manufacturer and defense contractor.

Maxwell’s board of directors have refused to consider Jaycor’s offer, despite Jaycor’s efforts to initiate “direct negotiations to determine whether there were mutually beneficial grounds for a new and increased price offer.”

“Since we do not want to be involved in an unfriendly transaction, we had no choice but to withdraw our offer,” Jaycor said in a statement. Jaycor said it will “explore alternative acquisition opportunities” with other companies.