Spacecom Director Offers to Buy Eurocom Stake, Stock Surges
A takeover bid for Eurocom's stake in Spacecom has been revived with an initial offer submitted to the receiver, who is preparing for a competitive process. Yon Rosenberg, a director at Spacecom, has presented an offer to Hagai Ullman, the receiver for Eurocom Real Estate, to purchase Eurocom's entire 31.4% shareholding in the company. This offer has caused Spacecom's stock to jump over 10% on the Tel Aviv Stock Exchange, reaching a market value of NIS 128 million. Rosenberg's proposal values Spacecom at NIS 140 million, or alternatively, at a 20% premium over the highest trading price in the next week and a half, until September 16.
Rosenberg, though not a widely recognized figure in the capital markets, represents the Hungarian group 4iG. This group has previously attempted multiple unsuccessful bids to acquire Spacecom from its bondholders. Spacecom recently completed a debt settlement in October of the previous year, repaying $390 million and issuing new bonds worth $140 million.
Rosenberg stated that his offer is independent of the Hungarian group. 4iG already holds a 20% stake in Spacecom but was previously denied regulatory approval for control of the company. In the past, 4iG collaborated with businessman Aharon Frankel in an attempt to gain control of Spacecom, a move that ultimately failed. However, market speculation suggests Frankel may still be pursuing control of the company.
The receiver, Ullman, does not plan to accept Rosenberg's offer directly. Instead, he intends to conduct a competitive tender process to sell Eurocom's shares, indicating potential interest from other parties in acquiring control of Spacecom.
