Aviat Networks Inc Stock Price, News & Analysis

Aviat Networks (NASDAQ: AVNW) urges Ceragon Networks shareholders to support its proposal by voting for all five nominees on the GOLD proxy card. In an open letter dated August 11, 2022, Aviat rebuts claims made by Ceragon's Board, emphasizing that its acquisition proposal of $3.08/share offers a 47% premium over Ceragon’s recent stock price and could deliver greater shareholder value. Aviat cites Ceragon's operational challenges, declining guidance, and significant free cash flow burn as reasons for its proposal, while denouncing the current Board's lack of engagement and alleged conflicts of interest.

Ceragon Networks (NASDAQ: CRNT) has rejected Aviat Networks' (NASDAQ: AVNW) revised offer of $3.08 per share, deeming it significantly undervaluing the company. Ceragon's Board, supported by independent advisors, insists the offer fails to reflect their strong business momentum, which includes a 30.3% gross margin and $179 million in bookings for H1 2022. The company urges shareholders to vote against Aviat's proxy card to prevent control of the Board by unqualified nominees, emphasizing they remain open to fair transaction proposals while prioritizing shareholder value.

Aviat Networks, Inc. (NASDAQ: AVNW) announced it will release its fourth quarter fiscal 2022 and full year financial results on August 23, 2022, post-market close. The results will cover the period ending July 1, 2022. A conference call to discuss these results will occur on the same day at 5:00 p.m. ET, featuring CEO Pete Smith and CFO David Gray. Investors can access the call via the company's Investor Relations website.

Aviat Networks has submitted a revised proposal to acquire Ceragon Networks at $3.08 per share, comprising $2.80 in cash and $0.28 in Aviat stock. This offer represents a 47% premium to Ceragon's June 27, 2022 closing price and a 64% premium to its 60-day average share price. The proposal aims to provide immediate and long-term value for shareholders, addressing their calls for a combination. Despite Ceragon's recent financial struggles, Aviat remains committed to the acquisition, highlighting potential synergies and revenue growth opportunities from the merger.

Aviat Networks, Inc. (NASDAQ: AVNW) announced its participation in two upcoming investor conferences. On August 10, 2022, the company will present at the Oppenheimer 25^th Annual Technology, Internet & Communications Conference at 2:55pm ET and engage in virtual 1-on-1 meetings. A webcast will be available on their investor relations site. Additionally, on August 30, 2022, Aviat will attend the Jefferies Semiconductor, IT Hardware, and Communications Infrastructure Summit in Chicago, offering further 1-on-1 meetings. Interested investors should contact their respective representatives.

Aviat Networks (NASDAQ: AVNW) has reached out to Ceragon Networks (NASDAQ: CRNT) shareholders, urging them to vote for five independent director nominees at the upcoming Extraordinary Meeting on August 23, 2022. The nominees bring extensive qualifications and are positioned to restore independence to Ceragon's Board, which has seen a significant drop in shareholder value. Aviat proposes these changes to allow for a fresh perspective, particularly in evaluating Aviat's acquisition offer that seeks to deliver immediate value to Ceragon's shareholders.

Aviat Networks, Inc. (AVNW) has addressed Ceragon Networks Ltd.'s (CRNT) misleading claims about Aviat's acquisition proposal. In a letter to Ceragon shareholders, Aviat emphasized its $2.80 per share cash offer and financing capabilities, asserting that its proposal would deliver immediate premium value. Aviat criticized Ceragon's board for obstructive behaviors and urged shareholders to support its director nominations at the upcoming Extraordinary General Meeting (EGM) on August 23, 2022, stating that a new board would better evaluate the acquisition opportunity.

Ceragon Networks has rejected Aviat Networks' unsolicited acquisition offer of $2.80 per share, deeming it significantly undervalued. Ceragon's Board believes the proposal poses risks and does not serve the best interests of shareholders. Joseph D. Samberg, Ceragon's largest shareholder, supports the management's stance and intends to vote against Aviat's attempt to remove current directors. Ceragon's strategy has led to increased bookings, particularly in North America, where it has gained substantial market share. The company projects revenue of $325-$345 million for 2023 and aims for long-term growth.

Aviat Networks urges Ceragon shareholders to vote for board changes to enhance shareholder value. In a letter, Aviat criticized the current board's entrenched positions and alleged conflicts of interest, particularly concerning directors with ties to Chairman Zohar Zisapel. Aviat proposed increasing the board size, removing three directors, and electing five independent nominees with diverse expertise. The letter emphasizes the urgent need for governance reform to restore shareholder confidence and address Ceragon's ongoing financial struggles, including a cumulative negative cash flow of $29 million since early 2021.