Is FIMI Alternative Funds about to money in on safety firm Magal Safety Programs Ltd. (Nasdaq: MAGS; TASE: MAGS)? Sources inform “Globes” that UAV firm Aeronautics, owned by Rafael Superior Protection Programs Ltd. and Avichai Stolero, is in talks on buying Magal’s initiatives division. The potential deal is within the a whole bunch of tens of millions of shekels.
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A spokesperson for Magal mentioned that the corporate wouldn’t reply to rumors. No response was forthcoming from FIMI. A spokesperson for Aeronautics mentioned that the corporate always examined alternatives for increasing its enterprise, and that it was not wont to supply particulars of such alternatives. The spokesperson additionally mentioned that as a privately-held firm, Aeronautics had no obligation to report potential offers.
Magal, headed by Dror Sharon, has two divisions: the Magal Built-in Options initiatives division, which is especially energetic in Israel, and carries out initiatives as a programs integrator, and is chargeable for over half Magal’s income; and the Senstar division which is predicated in Canada, and produces software program, video administration programs, and analytics. Magal is traded on Nasdaq at a market cap of $114 million. The initiatives division, during which Aeronautics is , has veeb run for the reason that starting of this yr by Arnon Bram, who joined Magal after serving in a senior administration place at Elbit Programs Ltd. (Nasdaq: ESLT; TASE: ESLT). This division makes a speciality of securing delicate installations, borders, seaports and airports.
Simply as few days in the past, Magal introduced a big dividend distribution, amounting to $25 million, and in response its share worth jumped. A lot of the dividend will go to FIMI, headed by Ishay Davidi, which is the most important shareholder within the firm, with a 46% stake. Six months in the past, FIMI provided to purchase the general public’s shares in Magal, however the take-up was inadequate.
Printed by Globes, Israel enterprise information – en.globes.co.il – on December 10, 2020
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