TEL AVIV, Israel, June 16, 2020 /PRNewswire/ -- FIMI
Opportunity V, L.P and FIMI Israel Opportunity Five, Limited
Partnership (collectively "FIMI"), the controlling shareholders of
Magal, announced today that they have increased the price to be
paid in their cash special tender offer (the "Offer") to purchase
8,669,029 ordinary shares of Magal Security Systems Ltd. ("Magal")
(Nasdaq: MAGS) to $3.01 per share in
FIMI also extended the initial period of the tender offer and
withdrawal rights until 10:00 a.m.,
New York time, on July
2, 2020. Accordingly, the additional four-calendar day
period during which shareholders may tender their shares will
expire at 10:00 a.m., New York time, on July 6, 2020.
However, shareholders will have no withdrawal rights during such
additional four-calendar day period.
Except as set forth herein, the terms and conditions of the
Offer remain the same. The complete terms and conditions of the
Offer are contained in the Offer to Purchase and Letter of
Transmittal included as exhibits to the Tender Offer Statement on
Schedule TO, dated May 22, 2020, as
amended on June 2, 2020 and on
June 16, 2020, each as
may be subsequently amended and supplemented, which were filed with
the U.S. Securities and Exchange Commission ("SEC").
Holders of shares who have previously validly tendered and not
withdrawn their shares do not need to re-tender their
shares or take any other action in response to the above amendment
of the Offer.
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 will be
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
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 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.
Address: Alon Towers 2, 94 Yigal
Alon St., Tel-Aviv 6789141,