Experimental feature

Listen to this article

Experimental feature

Straight Path, a US company specialising in millimetre wave communications used in 5G technology, has received a $3.1bn offer from an unnamed multinational telecom group, putting the pressure on AT&T to sweeten its offer.

The board of Straight said that it deemed the new offer received superior to AT&T’s $1.6bn bid. The Dallas, Texas-based telecom giant has three business days to come up with a counter offer.

Under the terms of the new offer, Straight shareholders will receive a $184 per share in an all-stock bid. AT&T had agreed to pay $95.63 per share, also all in stock.

Straight, which was spun out of IDT in 2013, has been embroiled in a probe with the Federal Communications Commission over its spectrum license. It settled in January.

Copyright The Financial Times Limited 2017. All rights reserved.

Follow the topics mentioned in this article

Follow the authors of this article

Comments have not been enabled for this article.