Ceragon Networks Ltd - CRNT STOCK NEWS

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.

Ceragon Networks Ltd. (CRNT) reported Q2 2022 revenues of $70.7 million, a 3.1% increase year-over-year. Operating loss stood at $(0.3) million, with a net loss of $(1.5) million or $(0.02 per diluted share. The company noted strong bookings across regions, particularly a record quarter in North America, which accounted for 26% of total bookings, up 38% from Q1 2022. Despite facing supply chain challenges, Ceragon reaffirmed its 2022 revenue guidance of $300 - $315 million and projected 2023 revenues of $325 - $345 million.

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.

Ceragon Networks Ltd. (NASDAQ: CRNT) responded to Aviat Networks, Inc.'s hostile takeover bid, asserting that the offer of $2.80 per share grossly undervalues the company. The Ceragon Board remains committed to pursuing only those deals that provide full and fair value for all shareholders. Ceragon emphasizes the importance of an informed shareholder vote against Aviat's attempt to control the Board, which it argues would benefit Aviat shareholders at the expense of Ceragon's investors. The company expresses concerns over Aviat's ability to secure financing and underscored its openness to negotiation under equitable terms.

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 Ltd. (NASDAQ: CRNT) has announced it will release its earnings results for the second quarter ending June 30, 2022, on August 1, 2022, before the market opens. The company will also hold a Zoom web conference at 9:00 a.m. ET to discuss the results and answer questions from investors. Ceragon specializes in 5G wireless transport solutions, helping over 400 service providers globally improve operational efficiency. For more information, visit their website.

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.

Joseph D. Samberg, the largest shareholder of Ceragon Networks (NASDAQ: CRNT), has expressed support for the company and its management while rejecting the recent acquisition offer from Aviat Networks (NASDAQ: AVNW). Samberg, owning nearly 10% of Ceragon's stock, believes the acquisition undervalues the company. He also plans to vote in favor of current directors at the upcoming shareholder meeting. Samberg cites confidence in CEO Doron Arazi and a positive outlook for Ceragon's growth driven by improved supply chains and technological advancement.