According to journalist Eran Azran at HAARETZ infosite, Spacecom, the Israeli company that operates a fleet of satellites under the Amos name, appears to be close to being sold by its creditors to Aaron Frenkel.
Negotiations between the two sides have grown intensive in recent days toward a deal under which the institutional investors, who control a 54 percent stake in the company, would sell Frenkel a 44 percent holding and retain the rest for future sale, hopefully on better terms.
Market sources said they believed Frenkel was offering 11 shekels ($3.18) a share for Spacecom, or 100 million shekels total. That is an improvement over his original offer of 9 shekels, but that would value the company at no more than 230 million shekels ($28,806,423), far below the company’s 261 million market capitalization on the Tel Aviv Stock Exchange.
To read the entire article, please visit the HAARETZ infosite at this direct infolink...