The auction for Straight Path Communications took another sharp turn this morning. The company has announced that it finds the latest revised offer from an unnamed multi-national telecommunications operator constitutes a 'superior proposal'.
And at $184 per share, one can see why. Last month AT&T agreed to buy the company for $95.63 per share, and two weeks ago a rival suitor bid $104.64. Last week this same unnamed buyer was offering $135.96 per share. These are pretty steep increases by any measure, reflecting a very vigorous auction. And it may not be over quite yet. AT&T has three more business days to come up with a counter offer or just take the $38M termination fee.
Many have speculated that the other buyer is Verizon, but it's interesting that the name is still being withheld. There are only so many buyers likely to be looking for millimeter wave spectrum in the US for a 5G buildout. If not Verizon, then Sprint or T-Mobile, or perhaps DISH.