Omega to Acquire Control of Spacecom in Tender Offer
Translated & summarized from Calcalist by baba
Omega, controlled by Liron Krassin, has submitted the highest bid to acquire a controlling stake in Spacecom, representing 31.5% of the company's shares. The offer comes with a premium of over 25% despite Spacecom's recent financial losses and a drop in its stock value. Omega, which provides IT services and has previously invested in the pharmaceutical sector, has been seeking a new business venture for three years. The tender process was managed by attorney Hagai Ullman on behalf of creditors of the former Eurocom Real Estate.
The story in 5 lines · by baba
- Omega, led by Liron Krassin, is set to acquire a controlling stake in Spacecom.
- The acquisition involves 31.5% of Spacecom's shares at a premium of over 25%.
- The tender process was managed by attorney Hagai Ullman for creditors of the former Eurocom Real Estate.
- Spacecom's stock dropped following its reported third-quarter losses, lowering its market value.
- Omega has been seeking a new business venture with high demand and entry barriers.
Omega, owned by Liron Krassin, is set to acquire controlling interest in Spacecom. Omega and Krassin submitted the highest bid in a tender process managed by attorney Hagai Ullman, who is acting as trustee for the creditors of the former Eurocom Real Estate, owned by Shaul Elovitch. These creditors received Spacecom's controlling shares, which had been pledged as collateral for the real estate company's debts. Ullman decided to sell the shares after Spacecom reached a debt settlement with its bondholders.
The acquisition involves 31.5% of Spacecom's shares. Omega's offer represents a premium of over 25% compared to the company's stock market valuation, despite a 6.8% drop in its share price on the day the news broke. This decline followed the company's reported losses for the third quarter, which reduced its market value to NIS 115 million.
The company's attempt to enter the medical field through a merger with the publicly traded Bio-View was unsuccessful due to a third party's takeover of Bio-View after the deal's approval but before its completion.
Approximately three and a half years ago, Omega identified a business opportunity in acquiring Carmel, a pharmaceutical distributor that was being sold as part of the Moriah Group's collapse. Omega won the auction for Carmel, which currently markets about a thousand medications to major pharmacy chains. For the past three years, Omega has been seeking entry into a new sector, prioritizing products with high demand, significant entry barriers, and substantial cash flow. The company decided to bid for Spacecom, submitting the only practical offer in the tender, as two other entities submitted incomplete bids.
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