• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

Dossier.org

Market Intelligence

  • Sponsored Post
    • Make a Contribution
  • Market Dossier
  • Domain Dossier
  • About
  • Contact

Gilat Intends to File Counterclaims Seeking Enforcement of the Merger Agreement or Hundreds of Millions of Dollars in Monetary Damages following Comtech’s Filing of an Amended Complaint

July 12, 2020 By admin Leave a Comment

Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced that further to its announcement of July 8, 2020, it was notified on July 11, 2020 that an amended complaint was filed by Comtech Telecommunications Corp. and its subsidiary, Convoy Ltd., against Gilat in the Court of Chancery of the State of Delaware. The amended complaint seeks an additional declaratory judgment that Gilat has suffered a “Material Adverse Effect” as defined in the Merger Agreement, as a result of the Covid-19 pandemic and, as a consequence, Comtech is not required to consummate the merger because certain closing conditions of the Merger Agreement cannot be satisfied.

Gilat strongly rejects all such allegations. Gilat believes that no Material Adverse Effect under the Merger Agreement has occurred and that Comtech’s complaint is nothing more than an effort to avoid its clear contractual obligation to acquire Gilat, due to Comtech’s own rapidly deteriorating performance.

Comtech’s continuous willful breaches have resulted and are continuing to result in significant monetary damages to Gilat and its shareholders, and are expected to amount to hundreds of millions of dollars if the merger is not consummated.

While Gilat has not interfered or taken any action to interfere with Comtech’s pending application with the Russian Federal Anti-Monopoly Service (“FAS”) or otherwise breached the Merger Agreement, Gilat believes that Comtech has willfully breached its obligations under the Merger Agreement so as to attempt to ensure that FAS approval is not timely obtained and Comtech will not be required to consummate the merger.

Gilat intends to vigorously defend its position in connection with the claims raised by Comtech and all related matters.

Gilat also intends to file a counter claim against Comtech seeking, among other things, a declaration that Comtech cannot terminate the Merger Agreement and, if the merger is not consummated, Comtech should pay Gilat (on behalf of itself, its shareholders and optionholders) monetary damages (which are contractually uncapped) for all losses that Gilat and its shareholders and optionholders have suffered as a result of Comtech’s willful breaches of the Merger Agreement, which Gilat will assert amount to hundreds of millions of dollars.

About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we design and manufacture cutting-edge ground segment equipment, and provide comprehensive solutions and end-to-end services, powered by our innovative technology. Delivering high value competitive solutions, our portfolio comprises of a cloud based VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid State Amplifiers (SSPA) and Block Upconverters (BUC).

Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access, cellular backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. Gilat controlling shareholders are the FIMI Private Equity Funds. For more information, please visit: www.gilat.com

Related

Filed Under: Briefing

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Analysis

AWS Announces AWS Glue DataBrew
Average Age of Vehicles in the US Increases to 12.2 years, according to S&P Global Mobility
Hydrogen as a Fuel for Electric Power Generation
COVID-19 Has Forced More Than Three-Quarters of Banks to Change Their Future Banking Strategy
Managing the risks of machine learning
New Report Finds Only 37% of Organizations Have the Skills and Technology to Keep Pace With Digital Projects
Consumer Confidence Declined Slightly in May

Press Media Release

Boeing to Highlight Sustainability, Technology and Partnerships at Singapore Airshow 2022
Pride Parade 2021
weaponstoukraine.com: The Czechs have already raised over a 40 million euros for weapons for Ukraine. This unique donation campaign is now coming to United Kindom and other English speaking countries.
Apple Fitness+ Welcomes People at Every Fitness Level to Train Their Bodies and Minds with Meditation and New Workouts Available September 27
What happens to the Internet traffic in countries where many observe Ramadan?
How to Write a Press Release Reporters Will Actually Read
630 Steelworkers Are on Strike At Glencore’s Raglan Mine

Secondary Sidebar

Opinion

U.S. Treasury Takes Sweeping Action Against Russia’s War Efforts
Lavrov, Listen This Carefully
Fake Market Research
Prospects of Russia’s economy?
Putin has found his Vietnam

Calendarial

Blockchaining 2022, June 16 2022, Munich
Europe Day, celebrated on 9 May
Barcelona Cybersecurity Congress (BCC), May 10-11 2022, Barcelona
Email client that integrates Calendar and Feed Reader
This month is National Hispanic Heritage Month

Footer

Recent Posts

  • There is a progress in discussions on a potential price cap on Russian oil
  • In 2019 98.9% of EU businesses forming part of the non-financial business economy were micro or small enterprises
  • Microvast Joins Russell 3000® Index
  • EVgo Added to Russell 3000® and Russell 2000® Indexes
  • These techniques boost the effectiveness and efficiency of interactions
  • Orpheus, by McKinsey, named global leader in procurement analytics by industry analysts, attaining top spot in Spend Matters reviews
  • McDonald’s: a real estate firm dressed up as a fast food chain
  • Global cross-border activity to grow 5.6% through 2026
  • Is another housing crash on the horizon?
  • DFIN Report Predicts Strong M&A Activity in 2022

Media Partners

  • Briefly
  • OPINT
  • VPNW
  • S3H
  • Domain Aftermarkets
  • App Coding
  • API Coding
  • Pixel Effect
  • Blockchaining

Media Partners

  • Technology Conferences
  • Event Sharing Network
  • Exclusive
  • Opinion
  • OSINT
  • Domain Name for Business
  • Analysis
  • Digital market
  • Calendarial

Copyright © 2013 Dossier.org

Technologies, Market Analysis & Market Research Reports

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT