GILT - Comtech Gilat Satellite terminate merger agreement and settle litigation

Comtech (CMTL) and Gilat Satellite (GILT) +10% have agreed to terminate the merger agreement announced on Jan. 29, 2020 and have settled all pending litigation in the Delaware Court of Chancery.Merger termination and the settlement agreement have been approved by each company’s board of directors and are effective immediately.Pursuant to the termination and settlement agreement, CMTL has agreed to make a payment of $70.0M to GILT.Previously: Gilat Satellite +2.9% as Comtech dispute reportedly gets fast track (July 28)

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Comtech, Gilat Satellite terminate merger agreement and settle litigation