Straight Path Communications Inc (NYSEMKT: STRP)
Straight Path Communications is having an overwhelmingly strong time in the pre-market hours this morning, and for good reason. The stock is the topic of a takeover story that’s leading to excitement among investors and causing monumental gains in the value of the shares. Of course, our partners at Trade Ideas were the first to alert us to the movement. At the moment (8:53), STRP is trading at $92.50 per share after a gain of $56.02 per share (153.56%) thus far today.
STRP To Be Acquired
As mentioned above, Straight Path is seeing incredible gains in the value of its stock this morning after announcing acquisition news. The company announced that it would be acquired by AT&T (NYSE: T). The acquisition will take place as an all-stock deal, with the value of $95.63 per share. That represents a premium of 162% when comparing the price of the acquisition to Friday’s closing price.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on STRP. In particular, we’ll be watching this acquisition closely as it is still subject to certain closing conditions. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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