CMTL - Comtech shares up 3% as it adjourns meeting after Outerbridge peace deal

Comtech Telecommunications (NASDAQ:CMTL) is up 3.3% after adjourning its annual meeting to later in the month following a cooperation agreement with Outerbridge Capital management. Outerbridge urged Comtech to fairly consider the takeover proposal it received from Acacia Research (NASDAQ:ACTG), which had followed months of pressure for Comtech to weigh strategic alternatives. And it urged the appointment of three "new directors" to protect interests. Outerbridge was the beneficial owner of about 4.9% of Comtech, which told shareholders the Outerbridge campaign was "value-destructive, self-serving, and a distraction." Comtech has now agreed to add Outerbridge nominee Wendi Carpenter to the board no later than Jan. 3. It's also adding incoming CEO Michael Porcelain and Mark Quinlan to the board. And it's agreed to appoint an additional independent director, mutually agreed upon. In turn, Outerbridge will support the nomination of Judy Chambers and Larry Waldman to the board. The annual meeting has been adjourned

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Comtech shares up 3% as it adjourns meeting after Outerbridge peace deal