FIMI bids to raise Magal stake to 80%

Magal CEO Dror Sharon  / Photo: Eyal Izhar, Globes

The $25.6 million offer for 8,669,029 shares would increase FIMI's stake in the Israeli security systems company from 42.6% to 80%.

FIMI Opportunity Funds (FIMI) has announced a cash special tender offer to purchase 8,669,029 ordinary shares of Magal Security Systems Ltd. (Nasdaq: Magal, led by CEO Dror Sharon, operates through two divisions, as a systems integrator for security systems and its Senstar division with software products and video surveillance and analysis systems.

Magal's share price closed down 1.33% on Friday at $2.96, giving a market cap of $68.54 million.

Published by Globes, Israel business news - en.globes.co.il - on May 24, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Magal CEO Dror Sharon  / Photo: Eyal Izhar, Globes
Magal CEO Dror Sharon / Photo: Eyal Izhar, Globes
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