TEL AVIV, ISRAEL -- Flex reportedly has withdrawn from its pursuit to acquire Israel Military Industries Ltd., the Israeli defense arm which has been on the block for years.

According to sources close to the negotiations as reported in today's Globes, Invictus has bailed on the acquisition attempt to to "disinformation and slander disseminated in recent weeks by parties with strong interests involved in the IMI privatization process." Invictus is a subsidiary of Flex.

The decision comes just after the company submitted tender documents for the IMI acquisition to the Government Companies Authority. Bids and deposits for IMI are due in the next 10 days, and the sell price is expected to top $280 million.

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