May 11 Straight Path Communications Inc
said it agreed to be bought by No.1 U.S. wireless carrier
Verizon Communications Inc for an enterprise value of
about $3.1 billion.
The $184 per share all-stock offer represents a discount of
17.8 percent to Straight Path's close on Wednesday. The stock
has surged nearly five-fold since April 7, a day before the
company first received a takeover bid from AT&T Inc.
Verizon will pay, on behalf of Straight Path, a termination
fee of $38 million to AT&T, the company said.
(Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb