Acacia Research Corporation (NasdaqGS:ACTG) made a non-binding proposal to acquire Comtech Telecommunications Corp. (NasdaqGS:CMTL) from Outerbridge Capital Management, LLC, Magnetar Capital, LLC, White Hat Strategic Partners LP managed by White Hat Capital Partners LP and others for approximately $820 million on October 29, 2021. Acacia Research submitted a private proposal to Comtech to acquire 100% of the outstanding shares of Comtech for $30 per share in cash. Goldman Sachs acted as financial advisor, and, Proskauer Rose LLP and Sidley Austin LLP acted as legal advisors to Comtech Telecommunications.

Acacia Research Corporation (NasdaqGS:ACTG) cancelled the acquisition of Comtech Telecommunications Corp. (NasdaqGS:CMTL) from Outerbridge Capital Management, LLC, Magnetar Capital, LLC, White Hat Strategic Partners LP managed by White Hat Capital Partners LP and others on January 25, 2022. Comtech Telecommunications Corp.'s Board of Directors has unanimously rejected the unsolicited proposal and determined that the proposal grossly undervalues the Company and is not in the best interests of Comtech's shareholders.