Maxwell Laboratories’ board of directors has unanimously...

Maxwell Laboratories’ board of directors has unanimously rejected an unsolicited $17-a-share cash merger offer by JAYCOR, a private, San Diego-based defense contractor, the company said Thursday.

Maxwell’s board determined that the “highly conditional” merger offer would not serve “the best interests of the stockholders,” according to a prepared release. Maxwell, which develops high-tech products for the defense and commercial markets, closed down 25 cents at $14 on Thursday.

Maxwell’s financial and legal advisers determined that the $17-per-share offer was “inadequate and otherwise on unacceptable terms,” the company said. Maxwell’s board also determined that shareholders would be best served by “Maxwell’s continuing as an independent public entity now and in the foreseeable future.”

Neither company was available to elaborate on the merger offer Thursday.