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  "documentTitle": "Outerbridge Comtech Presentation November 2021",
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  "notes": "Uses a line chart to visualize the share price drop and bullet points to detail the financial and strategic failures of the deal.",
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      "text": "After a failed TCS deal that required a dilutive secondary offering, once again the CMTL Board approved a highly levered offer demonstrating an unwillingness to learn from past M&A mistakes",
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      "text": "Comtech management engaged in an acrimonious and distracting public debate with Gilat that ended in a $70 million termination fee...",
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      "text": "Jan 29, 2020 - CMTL announced acquisition of Gilat at an enterprise value of $532.5M",
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      "text": "Gilat was expected to achieve sales of between $260.0 million and $270.0 million with Adjusted EBITDA ranging from $38.0 million to $42.0 million for its fiscal year ended December 31, 2019.",
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      "text": "According to CEO Fred Kornberg, \"[the] acquisition better positions Comtech to take advantage of key marketplace trends...\"",
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      "text": "Source: FactSet, CMTL SEC Filings. 1. CMTL Press Release dated Jan. 29, 2020",
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      "text": "Investors' Lack of Confidence in the Board's Ability to Execute the Gilat Acquisition Resulted in a 19% Drop in Share Price Upon Announcement",
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