Business
Ceragon Comments on Aviat's Self-Serving Attempt to Take Control of Ceragon's Board and Rejects Aviat's Opportunistic Indication of Interest that Significantly Undervalues Ceragon
Ceragon's Strategy Has Driven Increased Bookings and Market Share Gains – and is Expected to Create Significant Revenue Growth, Margin Expansion and
About this update from Ceragon Networks Ltd.
[{"type":"text","content":"Ceragon's Strategy Has Driven Increased Bookings and Market Share Gains – and is Expected to Create Significant Revenue Growth, Margin Expansion and Shareholder Value\nAviat's Demand to Appoint Five Hand-Picked Directors to Ceragon's Board Violates Ceragon's Articles\nCeragon Files a Proxy Statement in Connection with an Extraordinary General Meeting; Urges Shareholders to Vote Against the Removal of Ceragon's Directors on the WHITE Proxy Card\nCeragon's Largest Shareholder, Joseph D. Samberg, Founder & CEO of JDS Capital, Affirms His Support for the Company, Management and Board; His View that Aviat's Acquisition Proposal Is Well Below Ceragon's Fair Value; and His Intention to Vote For Ceragon's Board and Against Aviat's Request to Remove Any of our Existing Directors\nCeragon to Host Investor Conference at 9:00 AM Eastern Time Today\nROSH HA'AIN, Israel, July 18, 2022 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT) (the \"Company\", \"Ceragon\", \"we\", \"us\", or \"our\") today issued the following letter to shareholders concerning the response of Ceragon's Board of Directors (the \"Board\") to an unsolicited, highly conditional, non-binding indication of interest from Aviat Networks, Inc. (NASDAQ: AVNW), a competitor of Ceragon.\nThe letter to shareholders and other supplemental information, including a presentation, will be posted to Ceragon's investor relations website here.\nIn addition, the Company will host a Zoom web conference today at 9:00 AM ET to discuss Aviat's unsolicited indication of interest and proxy contest, as well as its strategy and business. You can access the web conference here.\nThe full text of the letter to shareholders follows:\n18 July 2022\nDear Fellow Shareholder,\nAs you may know, Ceragon recently received an unsolicited, highly conditional, non-binding indication of interest (\"IOI\") from its competitor, Aviat Networks, Inc. (\"Aviat\"), to acquire Ceragon at a price of $2.80 per share. After a careful and thorough review, conducted in consultation with our independent financial and legal advisors, the Board unanimously reached a conclusion that Aviat's IOI significantly undervalues the Company, does not provide certainty of closure, is opportunistically timed, carries significant risks to the Company and, as such, is not in the best interests of shareholders – other than those of Aviat...