UPDATE July 14: This story was updated to incorporate Comtech's statement on its Q4 forecast and on the Gilat acquisition.
PARIS — Comtech Telecommunications Corp. said Gilat Satellite Networks’s business has declined so badly as to trigger an automatic right to cancel its planned Gilat purchase, first announced in January.
Gilat responds that Comtech’s own business is “rapidly deteriorating,” and that this is why Comtech wants to stop the transaction. Comtech has filed a complaint in Delaware’s Court of Chancery.
This content is restricted to subscribers