Straight Path said in a statement that it was obliged to consider the unsolicited offer as 'superior'. The company has notified AT&T, and the latter now has five business days to match or beat the new offer. After that Straight Path will decide which offer to accept.
The new bidder's offer is valid through 03 May. If Straight Path goes with the new bid it will be required to pay a termination fee of USD 38 million to AT&T, and the company said the new bidder agreed to settle this amount as well.
AT&T announced earlier this month the agreement to acquire Straight Path in order to gain access to additional spectrum seen as key for developing 5G. The latter later disclosed that another party was considering making a bid. People familiar with the matter told Reuters that the other potential bidder was Verizon.
