You could use grep, awk and sed for this. First, filter out the not wanted first line containing the word received (you should use here unique expressions to make sure that only this line is filtered), that let awk split the following lines by and than remove the < and > with sed:
cat a.txt | grep -v received | awk '{print $1 " " $5}' | sed -e 's/[<>]//g'
In the above example a.txt contains the input
received timestamp=1459434658969:
ABC: Field id=0 double 11.4
DEF: Field id=1 string >def<
GHI: Field id=2 string >g_hi<
The result is:
ABC: 11.4
DEF: def
GHI: g_hi