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YEHUD, Israel, May 24, 2021 /PRNewswire/
Magal Security Systems, Ltd. (NASDAQ: MAGS) today announced its financial results for the three months ended March 31, 2021. Management will hold an investors conference call later today (at 10 am Eastern Time) to discuss the results.
FIRST QUARTER 2021 HIGHLIGHTS:
Entered into an asset and share purchase agreement for the sale of the Integrated Solutions division to Aeronautics Ltd. for $35 million (
closing expected in June 2021), representing value of $1.51 per share; accordingly, Magal s Integrated Solutions division results are excluded from results from continuing operations.
Strong cash position of $25.9 million, or $1.12 per share, as of March 31
st 2021 with no debt.
Aeronautics in talks to buy Magal projects division
The putative deal is in the hundreds of millions of shekels. Neither Magal nor its main shareholder FIMI would confirm.
Is FIMI Opportunity Funds about to cash in on security company Magal Security Systems Ltd. (Nasdaq: MAGS; TASE: MAGS)? Sources inform Globes that UAV company Aeronautics, owned by Rafael Advanced Defense Systems Ltd. and Avichai Stolero, is in talks on acquiring Magal s projects division. The potential deal is in the hundreds of millions of shekels.
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A spokesperson for Magal said that the company would not respond to rumors. No response was forthcoming from FIMI. A spokesperson for Aeronautics said that the company constantly examined opportunities for expanding its business, and that it was not wont to provide details of such opportunities. The spokesperson also said that as a privately-held company, Aeronautics had no obligation to report potential deals.