A communications company caught in a bidding war between Verizon and AT&T has seen its stock explode over 500% in 3 months
Actors Ted Danson (L) and Sam Waterston place a bid during Christie’s Green Auction, on the 40th anniversary of Earth Day, in New York.
Straight Path Communications, an owner of spectrum rights for fifth generation (5G) networks, has been the subject of a heated bidding war between two wireless giants.
AT&T originally targeted Straight Path in April for a takeover bid, offering $1.6 billion.
A round of counter-offers from what Straight Path has called a “multi-national telecommunications company” has pushed the latest price tag to $3.1 billion in a bid announced on Monday.
An unnamed counter-bidder also entered offers against AT&T of $1.8 and $2.3 billion. According to reports, the counter-bidder is in fact Verizon.
AT&T will have three days to offer a revised bid for the firm.
Straight Path’s ownership of 5G networks is key for both AT&T and Verizon in their push to move to faster and faster networks. The firm is the third-largest owner of spectrum licenses that could be used for 5G, according to Bloomberg.
Following the announcement of the newest bid, Straight Path shares soared by 27% in pre-market trading on Monday, a jump of roughly $43 a share to $205.12 at 8:47 a.m. ET. As recently as April 7, Straight Path was trading for around $36 a share, over the last three months shares have gained 515%.
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