Comtech To Remain Independent; Stock Down 5%

(RTTNews) - Comtech Telecommunications Corp (CMTL) said Tuesday its board has completed a review of strategic alternatives, including a possible merger or sale of the company, and that it has determined that its interests will be best served by remaining independent.

Comtech was assisted in the evaluation of strategic alternatives by its financial advisor, Citibank, its legal counsel, Proskauer Rose, and its special counsel, Morris, Nichols, Arsht & Tunnell.

"At the end of a thorough and rigorous process, our Board concluded that the company is best positioned to maximize shareholder value by continuing to execute on its strategies of enhancing its leadership positions in the markets we serve, participating in emerging technologies that enhance or expand our product portfolio, carefully pursuing acquisitions of businesses and technologies, and returning cash to shareholders," said CEO Fred Kornberg.