05:32 AM EDT, 06/14/2024 (MT Newswires) -- Innovative Solutions and Support ( ISSC ) said late Thursday that the non-binding indication of interest in a proposal from Christopher Harborne "lacks certainty, and is not in the best interests of the company and its stakeholders."

Harborne is proposing to acquire all of the company's shares not already owned at $7.25 apiece in cash.

"The board remains confident that senior management's continued successful execution of IS&S's long-term strategic objectives will generate superior long-term value for the company," it said.

The company said the decision from its board was unanimous.

In after-hours activity on Thursday, shares of the company fell 2.9%.

Price: 6.12, Change: -0.18, Percent Change: -2.86