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Aviat Networks Makes 80/Share Cash Bid for Ceragon Networks.

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Vincent

MANews-(C)2009-2022

US-based wireless transport solutions provider Aviat Networks, Inc. (NASDAQ: AVNW) has submitted a nonbinding proposal to acquire all the outstanding shares of Israeli telecom equipment firm Ceragon Networks Ltd. (NASDAQ: CRNT) that it does not already own for USD 2.80 per share in cash, the company said.

Aviat holds more than 5% of Ceragon's outstanding shares as of June 24, 2022, making it Ceragon's third largest shareholder.

Under the terms of the proposal, which was delivered to Ceragon's board of directors, Ceragon shareholders would receive USD 2.80 per share in cash, providing them with immediate and certain value.

Aviat also remains open to offering a portion of the consideration in Aviat stock to allow shareholders the opportunity to participate in the significant upside of the combined company.

The proposal represents a substantial premium of 34% to the closing price of Ceragon shares on June 27, 2022 and a 51% premium to the 60-day volume weighted average trading price of Ceragon shares as of June 24, 2022.

Aviat expects to realize approximately USD 35m of cost synergies from identified SG and A and operational synergies.

As the holder of over 5% of Ceragon's shares, Aviat has called for an...

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