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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.
Joele Frank handles Crinetics Pharmaceuticals as the specialist for treatments for endocrine diseases agrees to get acquired by Vertex Pharmaceuticals in a deal pegged at $8.8B.
Teneo represents Honeywell spin-off Solstice Advanced Materials as it buys Collected Strategies client Element Solutions in a deal pegged at $14.5B.
Dallas-based Throughline Global Advisors advised Principal Mineral as it acquired Isola Group, maker of copper-clad laminates used in printed circuit boards.
oele Frank works for satellite operator Iridium Communications as it gets acquired by space company Rocket Lab in a deal worth $8B.
Uber’s Mike Lucarelli is moving to NXP Semiconductors as senior VP-investor relations.
