You left out the part: "it was shot down by the Israeli fighter pilots after they did not receive a response to their demands for the aircraft to land"
You left out the part where the pilot of LN 114 apparently didn't realize that the approaching planes were Israeli (he thought they were Egyptian), and that he realized his navigational mistake and had already executed a U-turn before the Phantoms arrived (setting the plane on course for Cairo).
Also, it's not the IAF pilots "didn't receive a response" to their signals. One of their pilots signaled twice (first with hand gestures, then again by dipping the wings of one of the jets). They did receive a response to first signal at least, but may have been confused by it, or have interpreted as an attempt to flee. It's also entirely possible the pilot of LN 114 was understandably confused and in a very tense mindstate and wasn't sure how to respond.
From WP:
It continued flying eastwards into the Sinai at a speed of 325 miles per hour (282 kn; 523 km/h), until the crew realised they had had problems with their instruments and were off their path; at this moment, the French pilot performed a U-turn, in order to leave the Sinai and go back towards Cairo.[6] The Israeli pilots interpreted it as an attempt to flee and, according to them, then tried to make visual contact with the airliner's crew and to communicate with them by signaling with their hands. Still according to the Israelis, the 727's French pilot responded with a hand gesture indicating refusal, signaling his intention to continue back on his way out of Sinai. The fighters claim to have replied by dipping their wings, what was once again ignored by the civilian airliner crew. Then, the Israeli fighters attacked the civilian plane.
