GILT - Comtech surges as CEO news sparks takeover speculation

• Comtech Telecommunications ( NASDAQ: CMTL ) jumped 11% after the satellite company announced that its chief executive officer was stepping down and its chairman Ken Peterman was named CEO.
• The announcement appears to be sparking speculation that the company may be a takeover target as the outgoing CEO was only appointed to head the company eight month ago.
• The speculation comes as investor Outerbridge Capital has been urging the company to sell itself since last June. Also Reuters reported in early November that  that Acacia Research ( ACTG ) made a $30/share offer for the company.
• Last month a Dealreporter item said that some Comtech ( CMTL ) investors believed that the company should consider strategic options or a leadership change after recent challenges.
• A potential deal also follows after Comtech attempted to merge with Gilat Satellite ( GILT ), though the agreement was terminated in October 2020.
• Comtech ( CMTL ) reached a cooperation agreement with investor Outerbridge in December,

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