AT&T outbid for Straight Path by mystery firm rumored to be Verizon
Apr 29 2017
Straight Path Communications had no choice but to sell though since it had earlier in the year settled with the Federal Communications Commission after having been found to have misrepresented the progress the firm had made with regards to making use of its spectrum. STRP skyrocketed on Tuesday morning on news that the company has received a "superior" buyout offer to AT&T Inc.'s T recent takeover attempt.
Centene Corporation (NYSE:CNC) shares ended at $73.45 with 2.11 mln shares exchanging hands. The stock stands almost $10.42 off versus the 52-week high of $130.42 and $104.94 above the 52-week low of $15.06. If the company wants to make that happen, it will now have to pony up significantly more than the $1.6 billion in stock it initially agreed upon.
Year to date, Straight Path shares have more than tripled, while AT&T's stock has lost 5.9% and the S&P 500 has gained 6%. Following the transaction, the insider now directly owns 89,649 shares of the company's stock, valued at approximately $2,997,862.56. Also, insider Lloyd I. Miller III sold 30,190 shares of the stock in a transaction that occurred on Monday, January 30th.
The difference of 52 week low value as well as 52 week high value and the current price of the stock suggests the next move of the shares. The disclosure for this sale can be found here. While the company's share hit the 52 week high on 04/25/17 stationing the value of $116.95.
COPYRIGHT VIOLATION NOTICE: "Straight Path Communications (STRP) Given Daily Coverage Optimism Score of 0.14" was published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this news story on another domain, it was illegally stolen and reposted in violation of United States & global copyright and trademark laws. According to Reuters' report, though, that anonymous bidder - referenced by Straight Path only as a "multi-national telecommunications company" - is Verizon. Straight Path's spectrum is considered high frequency, which means that it has a limited range and doesn't penetrate buildings too well. The Company owns Straight Path Spectrum, Inc (Straight Path Spectrum), Straight Path Ventures, LLC (Straight Path Ventures), and Straight Path IP Group, Inc (Straight Path IP Group).