Straight Path shares rose more than 32% in mid-day trading Monday after the holder of valuable spectrum said its board has determined that a rival bid from a “multi-national telecommunications company,” speculated to be Verizon Communications, is superior to the one it had in hand from AT&T.
The rival bid is for 100% of issued and outstanding shares of Straight Path for $184 per share, an all-stock deal that carries enterprise value of about $3.1 billion. That superseded an early, unsolicited offer on May 1 from the somewhat cloaked rival bidder of $135.96 per share, Straight Path said.
AT&T’s original offer is for $95.63 per share, reflecting an enterprise value of $1.6 billion, to be paid using AT&T stock.
For the full story go to Multichannel.com.
(Photo via Bill Bradford's Flickr. Image taken on March 4, 2016 and used per Creative Commons 2.0 license. The photo was cropped to fit 9x16 aspect ratio.)
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