Comtech surges on buyout proposal from Acacia Research

Acacia Research

01/11/2021 14:47

** Shares of Comtech Telecommunications  CMTL.O  rise 15.6%
to $24.93 in early trading
    ** CMTL confirms it received an unsolicited and non-binding
proposal to be acquired by Acacia Research Corp  ACTG.O , which
is backed by activist hedge fund Starboard Value
    ** CMTL says board is evaluating proposal in consultation
with independent advisors
    ** Acacia Research is looking to buy Comtech for $790
million in cash, according to people familiar with the offer,
Reuters reports  urn:newsml:reuters.com:*:nL1N2RR0KF
    ** Shares of ACTG rise 3.5% to $5.93
    ** Up to last close, CMTL up 4.3% YTD

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))