Comtech Confirms Exploring Strategic Alternatives; Stock Up - Quick Facts

(RTTNews) - Comtech Telecommunications Corp (CMTL) Monday confirmed, in response to media reports, that it is exploring strategic alternatives to enhance shareholder value, including a possible merger or sale of the company.

The company said it regularly considers a broad range of strategic alternatives with the goal of maximizing shareholder value, adding that there can be no assurance that any transaction or other strategic change will occur as a result of the current exploration of alternatives.

The company has retained Citi as its financial advisor and Proskauer Rose LLP as its legal advisor in connection with the foregoing.

Comtech, based in Melville, New York,makes satellite-based communications equipment for commercial and government customers.

Comtech stock closed Monday at $36.81, up $1.70 or 4.84%, on a volume of 488k shares on the Nasdaq. In after hours, the stock gained $1.19 or 3.23% at $38.00.