Spacecom Director Offers to Buy 31% Stake, Sparking Bidding War

A potential bidding war is emerging for control of Spacecom, an Israeli satellite communications company. Hagi Ullman, the receiver for Eurocom's shares in Spacecom, has received an offer from Mion Rosenberg, a Spacecom director, to purchase Eurocom's entire holding of approximately 31.4% of the company's shares.

Rosenberg's offer proposes a price based on the higher of 120% of the stock's highest closing price until September 16, or a cap of 200 agorot (about $0.54) per share. At the maximum price, this values the company at around 140 million shekels ($37.8 million), representing a roughly 20% premium over its market value before the announcement. The offer is contingent on due diligence, a binding agreement, and necessary approvals by October 13, with Rosenberg requesting exclusivity until then.

Interestingly, Rosenberg, who sits on Spacecom's board representing Hungary's 4iG, stated the offer is personal and not on behalf of the Hungarian company, which will not fund the deal or benefit from it if completed. However, Ullman does not intend to accept the offer as is. Instead, he plans to initiate a competitive bidding process for the Eurocom shares, allowing Rosenberg to participate with a new bid.

This interest comes after Spacecom underwent a significant debt restructuring in 2025, reducing its financial burden and leading to a sharp recovery in its stock price. The company reported $17.2 million in revenue for the second quarter, with notable growth in its Amos 17 and Amos 4 satellites. The improved operational performance and reduced financial risk make the Eurocom share package a more attractive asset.

The key question now is whether Rosenberg's offer will remain a sole bid or ignite a competitive process for a stake that could grant significant influence over Spacecom.