May 3, 2017 / 11:39 AM / 3 months ago

BRIEF-Straight Path says revised offer to buy Co for $135.96/share constitutes “superior proposal”

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May 3 (Reuters) - Straight Path Communications Inc:

* Straight Path board determines that a revised offer from a multi-national telecommunications company to acquire Straight Path for $135.96 per share constitutes a “superior proposal”

* Revised offer reflects enterprise value of about $2.3 billion

* Straight Path has notified AT&T of Straight Path board's determination regarding proposal

* AT&T has option for next 3 business days to negotiate amendment of agreement to match or exceed offer made by multi-national telecom company

* Under AT&T merger agreement, Straight Path is required to pay a $38 million termination fee to AT&T Source text for Eikon: Further company coverage:

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