AVNW - Ceragon stock rises ~13% after hours as Aviat sweetens offer for rest of co to $3.08/share

Aviat Networks ( NASDAQ: AVNW ) on Tuesday raised the stakes in its attempt to buy the shares of Ceragon Networks ( NASDAQ: CRNT ) it doesn't already own by revising its takeover proposal to $3.08 per share from $2.80 per share.

CRNT stock gained 12.6% after hours to $2.95, while shares of AVNW were unchanged.

AVNW said the increased consideration would be comprised of $2.80 per share in cash and $0.28 in equity consideration of AVNW stock.

The new $3.08 per share proposed offer represents a 47.4% premium to Ceragon's ( CRNT ) closing price on June 27, the last trading day before Aviat ( AVNW ) revealed its initial offer of $2.80 per share.

Last month, CRNT's largest shareholder Joseph Samberg said he was opposed to AVNW's $2.80 per share offer as it was "well below" what he believed to be fair value.

AVNW had earlier criticized CRNT for what it saw as a lack of response to its purchase offer and meeting request. It has said that it has provided clear proof of its ability to finance the proposed deal.

Ceragon ( CRNT ) on Monday reported a mixed set of Q2 results and reaffirmed its 2022 and 2023 revenue guidance.

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