Business
Ceragon Sets the Record Straight on Engagement with Aviat Networks
Remains Open to a Deal that Would Deliver Full, Fair and Certain Value to ALL Ceragon's Shareholders Sends Letter to Aviat Board Responding to Aviat's
About this update from Ceragon Networks Ltd.
[{"type":"text","content":"Remains Open to a Deal that Would Deliver Full, Fair and Certain Value to ALL Ceragon's Shareholders\nSends Letter to Aviat Board Responding to Aviat's Misleading Communications\nROSH HA'AIN, Israel, July 25, 2022 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT) (the \"Company\", \"Ceragon\", \"we\", \"us\", or \"our\") today sent a letter to the Board of Directors of Aviat Networks, Inc. (NASDAQ: AVNW) in response to Aviat's recent misleading claims about its indication of interest to acquire Ceragon.\n\n \n \n \n \n \n \n\n \nCeragon's Board remains unanimous in its view that Aviat's indicative deal terms, including the $2.80 per share indicative price, are unacceptable and significantly undervalues the Company. If Aviat is successful in its hostile attack and will take control over Ceragon's Board, it alone will enjoy the upside, depriving all other Ceragon shareholders of the chance to obtain the significant value the Ceragon Board expects the Company's shareholders to achieve.\nThe Ceragon Board has always been willing to consider a potential combination with Aviat, but only if such combination delivers full, fair and certain value to all Ceragon's shareholders. \nCeragon urges its shareholders to protect their investment by voting the WHITE proxy card \"AGAINST\" Aviat's attempt to take control of the Board to force a depriving deal term with their senders.\nThe full text of the letter follows:\nJuly 25, 2022Board of Directors of Aviat Networks, Inc.,\nOn June 22, 2022, members of our Board and management team met with members of Aviat's board and its senior management in Israel to discuss the terms of an acquisition of Ceragon. Our management team and Board believed that both parties respectfully communicated their positions. Specifically, the Aviat management team committed to send Ceragon a diligence request list outlining its key diligence needs. Coming out of this meeting, our management team and Board members in attendance believed we were continuing negotiations in good faith, and advised our entire Board accordingly.\nSix days later, rather than continuing good-faith discussions, as we expected, and without warning, Aviat announced a hostile offer to acquire Ceragon and take control of the Ceragon Board. It is now clear that Aviat's disingenuous positioning at the June meeting was merely a ruse for Aviat's low-...