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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 9, 2010
AVIAT NETWORKS, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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001-33278
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20-5961564 |
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(State or other jurisdiction
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(Commission File
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(I.R.S. Employer |
of incorporation)
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Number)
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Identification No.) |
Address of principal executive offices: 5200 Great America Parkway, Santa Clara, CA 95054
Registrants telephone number, including area code: (408) 567-7000
(Former address, if changed since last report): 637 Davis Drive, Morrisville, North Carolina 27560
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 40.13e-4(c)) |
Item 8.01 Other Events
On
July 9, 2010, Aviat Networks, Inc. sent a letter to Ramius Value and
Opportunity Advisors, LLC, a subsidiary of Ramius LLC, a copy of which is
attached.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is furnished herewith:
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99.1 |
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Letter to Ramius dated July 9, 2010 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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AVIAT NETWORKS, INC.
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By: |
/s/ Thomas L. Cronan, III
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Name: |
Thomas L. Cronan III |
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Date: July 9, 2010 |
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Title: |
Senior Vice President and Chief Financial Officer |
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EXHIBIT INDEX
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Exhibit No. |
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Under |
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Regulation S-K, |
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Item 601 |
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Description |
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99.1 |
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Letter to Ramius LLC dated July 9, 2010 |
exv99w1
Exhibit 99.1
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AVIAT NETWORKS
5200 Great America Parkway
Santa Clara, CA 95054
Phone: 408 567 7000
Fax: 408 567 7111
WWW.AVIATNETWORKS.COM |
July 9, 2010
Peter A. Feld
Jeffrey C. Smith
Ramius LLC
599 Lexington Avenue
New York, NY 10022
Dear Peter and Jeff,
I have received and reviewed your letter dated July 7, 2010 and appreciated our introductory
conversation on the same day. As we would with any investor, especially one with a significant
shareholding, we welcome your views regarding Aviat Networks and look forward to continuing a
constructive dialogue with you.
As noted in your letter and included as part of the 13D you filed, our management has spent time
with you to answer your questions about the Company and its businesses. As you acknowledged during
our most recent call, the issues identified in your letter are ones on which the Board and
management have been focused for some time.
Clearly, Aviat Networks needs to adjust the cost structure, concentrate on the right product
portfolio and optimize its business model. We agree with your assessment that the Company is
undervalued. These are issues on which the Board is actively engaged. The Boards move in
appointing me as CEO reflects a recognition of the need for change in order to implement the
actions necessary to improve financial and operational performance and to deliver value to our
shareholders.
As I communicated in our press release issued today, we plan to move promptly and decisively to put
Aviat Networks on track to restore profitability and establish a platform to drive sustainable
revenue growth. A number of those actions are already under way and will be announced in the near
future.
Our focus, however, extends beyond the themes in your letter. We have a strong, international
platform that provides a foundation for growth in a global marketplace. We must leverage that
platform effectively and efficiently. In addition, we need to continue to innovate in order to
enhance our product offering and expand our revenue opportunities and client base. I look forward
to being able to present a comprehensive strategic plan to investors on the next earnings call.
Our management team and Board will consider all reasonable strategies to generate long-term
sustainable growth. We trust that you are sincere in your stated desire to have a productive
dialogue and look forward to your additional ideas on how Aviat Networks can enhance shareholder
value.
Sincerely,
/s/Chuck Kissner
Chuck Kissner
Chairman and Chief Executive Officer