Spacecom Board Member Makes Personal Offer to Buy Eurocom Stake

Spacecom, an Israeli satellite communications company, has received a purchase offer for Eurocom's controlling stake in the company. The offer comes from Yon Rosenberg, a current director at Spacecom, who is proposing to acquire Eurocom's entire holding, which represents approximately 31.4% of Spacecom's shares. The proposed acquisition price per share would be the lower of two options: 120% of the highest closing price of Spacecom's stock on the Tel Aviv Stock Exchange from the offer date until September 16, 2026, or a fixed price of 2 Israeli shekels per share. If the deal proceeds at 2 shekels per share, it would value Spacecom at around 140 million shekels.

Rosenberg has conditioned his offer on conducting due diligence and has requested exclusivity in negotiations until October 13. Despite his position as a director, Rosenberg emphasized that the offer is personal and independent, with no involvement or funding from the Hungarian telecommunications company 4iG, where he also holds a position.

However, the court-appointed receiver for Eurocom's shares, Adv. Hagai Ullman, does not intend to accept the offer in its current form or grant exclusivity. Instead, the receiver plans to initiate a formal, public tender process for the shares. Rosenberg will have the opportunity to resubmit his offer and compete with other potential bidders during this process.

This interest in Eurocom's stake is seen as a positive sign for Spacecom, which has been recovering well since completing a successful debt arrangement about a year ago. The company, led by CEO Dan Zitzik, has shown improved financial reports and consistent growth, making it an attractive target for investors.