Experimental feature

Listen to this article

00:00
00:00
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.

Get alerts on Mergers & Acquisitions when a new story is published

Copyright The Financial Times Limited 2018. All rights reserved.

Comments have not been enabled for this article.

Follow the topics in this article