RTTNews | Nov 1, 2021 01:39PM EDT

13:38 Monday, November 1, 2021 (RTTNews.com) - Shares of Comtech Telecommunications Corp. (CMTL) gained 18% on Monday morning after the company said it received a proposal from Acacia Research Corp. (ACTG) seeking to the company.

CMTL is currently trading at $25.55, up $3.98 or 18.45%, on the Nasdaq.

Comtech Telecommunications confirmed receipt of an unsolicited, non-binding proposal from Acacia Research.

Comtech said its Board of Directors is evaluating the proposal in consultation with independent advisors. "The Board will determine the course of action that it believes is in the best interests of the company and its stockholders," the company said in a statement.

Goldman Sachs is serving as exclusive financial advisor to Comtech and Proskauer Rose and Sidley Austin are serving as legal advisors.

Read the original article on RTTNews ( https://www.rttnews.com/3237872/comtech-telecommunications-jumps-18-on-takeover-proposal-from-acacia-research.aspx)

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