Bidding war for Straight Path heats up with $3.1B offer
May 09, 2017
Wireless Communications Equipment | Glen Allen, VA | Corporate Acquisition
Straight Path Communications (NYSE MKT: STRP) has received an all-stock takeover offer of $184 per share, a figure reflecting an enterprise value of $3.1 billion, "from a multi-national telecommunications company," which Reuters reports to be Verizon (NASDAQ: VZ). Straight Path's board has determined that the offer eclipses the agreement reached with AT&T (NYSE: T) for $95.63 per share, or about $1.6 billion, on April 9. The new bid also beats an anonymous unsolicited offer of $135.96 per share on May 1, which was also from a company reported to be Verizon. Straight path's shares gained 33% on Monday.