Expected to close late in Comtech’s fiscal year 2020 or the first part of its fiscal 2021 for a closing value of $532.5 million in a cash plus stock deal. Under the terms of the agreement, Gilat shareholders will receive total consideration of $10.25 per share, comprised of $7.18 per share in cash and 0.08425 of a share of Comtech common stock for each share of Gilat held.

Gilat Satellite Networks Ltd. Investor Relations

Comtech Telecommunications Corp. Investor Relations

Update(s)

July 8, 2020: Gilat Satellite Networks (GILT) announced that it was advised that a complaint was filed by Comtech Telecommunications and by its subsidiary, Convoy, against Gilat in the Court of Chancery in the State of Delaware, on a confidential basis, allegedly seeking a declaratory judgment that (i) any unilateral actions taken by Gilat relating to the disposition or restructuring of its subsidiary in Russia or (ii) any unilateral action taken by Gilat concerning Comtech’s pending application to the Russian regulatory authorities, constitute violations of the Merger Agreement between Gilat and Comtech.

July 12, 2020: Gilat Satellite Networks (GILT) announced that an amended complaint was filed by Comtech Telecommunications seeking an additional declaratory judgment that Gilat has suffered a “Material Adverse Effect” as defined in the Merger Agreement, as a result of the Covid-19 pandemic and, as a consequence, Comtech is not required to consummate the merger because certain closing conditions of the Merger Agreement cannot be satisfied. Gilat strongly rejects all such allegations. 

Expected to close late in Comtech’s fiscal year 2020 or the first part of its fiscal 2021 for a closing value of $532.5 million in a cash plus stock deal. Under the terms of the agreement, Gilat shareholders will receive total consideration of $10.25 per share, comprised of $7.18 per share in cash and 0.08425 of a share of Comtech common stock for each share of Gilat held.

Gilat Satellite Networks Ltd. Investor Relations

Comtech Telecommunications Corp. Investor Relations

Update(s)

July 8, 2020: Gilat Satellite Networks (GILT) announced that it was advised that a complaint was filed by Comtech Telecommunications and by its subsidiary, Convoy, against Gilat in the Court of Chancery in the State of Delaware, on a confidential basis, allegedly seeking a declaratory judgment that (i) any unilateral actions taken by Gilat relating to the disposition or restructuring of its subsidiary in Russia or (ii) any unilateral action taken by Gilat concerning Comtech’s pending application to the Russian regulatory authorities, constitute violations of the Merger Agreement between Gilat and Comtech.

July 12, 2020: Gilat Satellite Networks (GILT) announced that an amended complaint was filed by Comtech Telecommunications seeking an additional declaratory judgment that Gilat has suffered a “Material Adverse Effect” as defined in the Merger Agreement, as a result of the Covid-19 pandemic and, as a consequence, Comtech is not required to consummate the merger because certain closing conditions of the Merger Agreement cannot be satisfied. Gilat strongly rejects all such allegations.