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Bethel Finance news:
The share price of Satcom Systems Ltd. (TASE: STCM) soared 60.8% by midday today to NIS 2.89, after controlling shareholder Eurocom Group improved its offer to purchase to NIS 3 per share from NIS 1.80.
The deadline for the offer is 3 pm on Thursday, February 2.
Eurocom, owned by Shaul Elovitch, owns 80% of Satcom, a provider of satellite communications services. Eurocom acquired Satcom in late 2007. Its first offer to purchase, made in mid-2009, failed. Satcom's business seriously deteriorated in 2010 and 2011.
Satcom's revenue fell to $55 million revenue in 2010, and it posted a net profit of $1 million. It posted a net loss of $4.6 million in January-September 2011.
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