Acacia Research seeks to buy Comtech Telecommunications: Sources

Acacia Research Corp, which buys businesses in sectors such as technology and healthcare, has made an offer to acquire Comtech Telecommunications Corp, a provider of wireless communication systems for police and other emergency services, for $790 million in cash, the company confirmed on Monday.

The bid comes as Comtech faces pressure from one of its shareholders, Outerbridge Capital Management LLC, to explore a sale of the entire company. Comtech angered Outerbridge last month when it announced a deal to sell a $100 million stake in itself through a PIPE deal to hedge funds Magnetar Capital LLC and White Hat Capital Partners LP. In a PIPE deal, investors buy a publicly traded stock below its currently traded price.