Ceragon Networks jumps 23% as Aviat offers to buy rest in $235M deal

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• Ceragon Networks (NASDAQ:CRNT) has jumped 23% after hours following a filing from Aviat Networks (NASDAQ:AVNW) where Aviat offered to buy the remaining shares it doesn't own for $2.80 each in cash.
• That means a deal of about $235M, with an implied enterprise value of $258M.
• "Ceragon shareholders deserve better," Aviat says in its filing, adding "Ceragon's existing strategy is destroying shareholder value and presents significant execution risk going forward."
• The $2.80/share price marks a 51% premium to 60-day volume-weighted average price, Aviat says, and 48% premium to the 90-day VWAP. Ceragon closed Monday at $2.09 per share.