Verizon beats AT&T in buying out Straight Path for $3.1B

Verizon bought wireless spectrum holder Straight Path Communications Inc for a whopping $3.1 billion. Verizon’s deal offers $184 per share all-stock and has a equity value of $2.3 billion. Straight Path’s shares jumped 39 percent on Monday since Verizon made its final bid. However, the company’s shares dropped 20 percent to $178 on Thursday, suggesting that some investors were not happy about the deal. Verizon bid topped rival AT&T's final offer of $1.25 billion for Straight Path.