TEL AVIV, Israel, July 6, 2020 /PRNewswire/ -- FIMI
Opportunity V, L.P and FIMI Israel Opportunity Five, Limited
Partnership (collectively "FIMI"), the controlling shareholders of
Magal Security Systems Ltd. ("Magal") (Nasdaq: MAGS), announced
today the final results of their cash special tender offer (the
"Offer") to purchase 8,669,029 ordinary shares of Magal for
$3.01 per share in cash. The Offer
expired on Thursday, July 2, 2020 at
10:00 a.m. New York time.
As of the expiration of the Offer, based on the final results
provided by American Stock Transfer & Trust Company, the
depositary of the offer, 235,504 Magal shares, or approximately
1.0% of the issued and outstanding shares and voting power of
Magal, had been validly tendered and not withdrawn. The Offer
included a condition that at least 1,200,000 Magal shares, or
approximately 5.2% of the issued and outstanding shares and voting
power of Magal, be validly tendered and not withdrawn. The minimum
condition of the Offer was not met and therefore none of the
tendered shares will be accepted. The tendered shares not
previously withdrawn will be returned promptly to their respective
tendering shareholders.
Important Information: This is not an offer to
buy or the solicitation of an offer to sell any ordinary shares of
Magal. The tender offer that is described in this press release has
only been made through the Offer to Purchase, Letter of Transmittal
and related tender offer documents. All shareholders of Magal
should read the tender offer materials which were filed by FIMI on
May 22, 2020, as amended.
Shareholders of Magal should read the tender offer materials
because they contain important information about the tender offer.
The tender offer materials and other filed documents are available
at no charge on the SEC's website at http://www.sec.gov, and will
also be made available without charge to all shareholders by
contacting D.F. King & Co., Inc., the information agent for the
tender offer, at (800) 814-2879 or (212) 269-5550 (banks and
brokers). Shareholders are urged to read these materials carefully
before making any decision with respect to the tender
offer.
Forward-Looking Statements: This press release may
contain forward-looking statements. The accuracy of such statements
is subject to a number of risks, uncertainties and assumptions that
may cause actual results to differ materially from those projected,
including, but not limited to, the effect of general economic
conditions, political events and fluctuations in the share price of
Magal. These statements are based on information available at the
time of the press release and FIMI undertakes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise (except as
required by law).
About FIMI: FIMI is a part of Israel's leading private equity funds. Over
the past 24 years the FIMI funds have completed 89 investments.
FIMI is currently investing through its sixth fund (a US$ 1.1 billion fund) which focuses on investing
in selected mature Israeli or Israeli-related companies with strong
growth potential and global footprint, among others in buy-out
transactions and turnaround situations.
FIMI Contact:
Address: Alon Towers 2, 94 Yigal
Alon St., Tel-Aviv 6789141,
Israel
Tel.: +972-3-565-2244
E-mail: Ron@fimi.co.il
View original
content:http://www.prnewswire.com/news-releases/fimi-announces-the-results-of-its-cash-special-tender-offer-for-magal-security-systems-ltd-301088278.html
SOURCE FIMI