Outerbridge Asks Comtech To Undertake Bona Fide Strategic Review - Quick Facts

(RTTNews) - Outerbridge Capital Management, LLC has sent a letter to the Board of Comtech regarding the company's announcement of a $100 million investment from White Hat Capital Partners LP and Magnetar Capital LLC. Outerbridge believes this deal sacrifices shareholder value, while diluting existing investors by more than 15%. It stated that the dilutive transaction is nothing more than a blatant maneuver to entrench the current Board and management.

Outerbridge said Comtech should issue a broad mandate to a new financial advisor to undertake a bona fide strategic review with the goal of enhancing shareholder value rather than entrenching management and the Board.

Outerbridge Capital Management, LLC is a beneficial owner of approximately 4.95% of Comtech Telecommunications Corp.