Comtech Spikes On Buyout Rumors
According to Reuters, Comtech Telecommunications (NASDAQ: CMTL) is exploring a potential sale and has received preliminary expressions of interest in recent weeks, according to people familiar with the matter, with Citigroup assisting in the effort.
Neither Comtech nor Citigroup responded to Reuters request for comments.
Shares of Comtech did respond in a volatile manner to the rumor, trading from 34.73 just before the rumor broke to a high of 39.36 post rumor, a 13.30 percent move.
The stock did sell off from the highs, closing at 36.81, up nearly five percent on the day.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.