What happened

Shares of Straight Path Communications Inc. (NYSEMKT: STRP) were up 33% as of 12:00 p.m. EDT Monday following another increased acquisition bid for the wireless spectrum specialist.

So what

Keep in mind Straight Path stock most recently popped more than 22% last Wednesday after receiving a revised acquisition bid from an unnamed "multi-national telecommunications company" (presumed to be Verizon (VZ -0.28%)) for $135.96 per share, or an enterprise value of $2.3 billion. Straight Path's board also noted the offer had been increased from the bidder's $104.64-per-share proposal in late April, and unsurprisingly deemed it a "superior proposal" to the $95.63-per-share, $1.6 billion deal it struck with AT&T (T -0.17%) early last month.

But today Straight Path announced another revised offer from the same unnamed suitor for $184 per share, reflecting an enterprise value of roughly $3.1 billion. 

Wireless cityscape concept image

Straight Path's spectrum assets are expected to play a key role enabling 5G networks. Image source: Getty Images.

Now what

The timing of this revised offer is no coincidence; AT&T previously had until midnight tonight to respond to last week's proposal with their own superior bid. As it stands, the unnamed buyer's latest bid is good through 11:59 p.m. this Wednesday, May 10, 2017. And as a reminder, Straight Path will owe AT&T a $38 million termination fee if it opts to go with the new bidder -- a pittance given the massive premium the newest proposal represents over AT&T's original offer.

With Straight Path stock now trading at around $212 per share as of this writing, the market obviously suspects that this bidding war isn't over yet. But given Straight Path's spectacular rise over the past month, I wouldn't blame remaining Straight Path shareholders for taking their profits off the table and putting them to work elsewhere.