 Private equity and hedge fund veteran Clifford Press led Acacia Research Corp NASDAQ: ACTG proposed to acquire Comtech Telecommunications Corp NASDAQ: CMTL for 790 million in cash Reuters reports. Activist hedge fund Starboard Value-backed Acacia offered 30 per share in cash for Outerbridge Capital Management LLC, implying a 39 premium to Comtechs closing share price on October 29. 