 |
Sloane & Co. handles Outerbridge Capital Management as the New York investment firm wages a proxy fight against Comtech Telecommunications due to the wireless company’s “uninspiring results.”
In an Oct. 6 letter to Comtech’s board, Outerbridge faults it for failing to engage in a dialog to “resolve concerns around underperformance strategy, lack of relevant expertise on the independent board, financial reporting and poor governance.”
Comtech announced Oct. 4 that COO Michael Porcelain would succeed CEO Fred Kornberg at the end of the year.
Porcelain, who was CFO for twelve years, a time during which the company “suffered sharp declines in organic revenues and profits and failed to generate a compelling return from allocated capital,” according to Outerbridge’s Oct. 6 letter.
Comtech disagrees with Outerbridge’s assessment of its business and is “disappointed” with its comments.
It has “recently taken a number of important steps demonstrating our commitment to ongoing refreshment and sound governance,” according to its response to Outerbridge.
“Despite persistent headwinds related to the pandemic and unprecedented supply chain disruption,” Comtech says it significantly improved the book-to-bill ratio and won new contracts that are expected to deliver several hundreds of millions of dollars of incremental growth.
Sloane & Co. has Dan Zacchei and Joe Germani working for Outerbridge.
Kekst CNC’s Nicholas Capuano represents Comtech.
Stagwell owns Sloane & Co. Publicis Groupe is parent of Kekst & Co.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Have a comment? Send it to 
No comments have been submitted for this story yet.