A PAM transceiver configured to process an electrical data signal having at least three states includes an electronic circuit comprising: a data interface configured to connect to a duplex communication channel; a first circuit section connected to the data interface; and a second circuit section connected to the data interface. The first circuit section includes an equalizer for compensating for distortions in the data signal and an interpreter downstream of the equalizer for recognizing symbols. The second circuit section includes a delay unit for time-shifting the data signal and an MMA processor for recognizing a signal phase of the data signal. The first circuit section and the second circuit sections are routed to the MMA processor. The second circuit section has a finite impulse response filter configured to monotonize an impulse response of the communication channel.