Ceragon Networks pops on Aviat's acquisition offer

Ceragon Networks

28/06/2022 14:16

** Networking equipment maker Ceragon Networks Ltd's shares
 CRNT.O  rise 17.2% to $2.45 premarket
    ** Aviat Networks  AVNW.O  discloses 5% stake in CRNT
    ** AVNW offers to acquire shares of co it doesn't own for
$2.80 per share in cash
    ** As of last close, offer price represents premium of ~34%
    ** Aviat CEO Peter Smith says Ceragon's board and management
team "refused to engage with us in constructive discussions",
made further demands for "unorthodox and off-market provisions"
    ** Ceragon did not immediately respond to a Reuters request
for comment
    ** Needham says Aviat and Ceragon combination would bring
together strong technology, represent a larger U.S. market share
and benefit from better scale and better penetration of
enterprise and government markets
    ** Up to last close, CRNT had fallen ~19% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))