Cincinnati Bell Inc. (NYSE:CBB) today announced that on March 2, 2020 it received a binding proposal from Macquarie Infrastructure and Real Assets Inc. ("MIRA") to acquire all of the outstanding shares of common stock of Cincinnati Bell for $13.50 per share in cash (the "Proposal").
As previously announced on December 23, 2019, Cincinnati Bell entered into a definitive agreement through which Brookfield Infrastructure and its institutional partners (collectively referred to as "Brookfield")would acquire all of the outstanding shares of common stock of Cincinnati Bell for $10.50 per share in cash. On February 28, 2020, Cincinnati Bell and Brookfield announced an amendment to its definitive agreement to increase the consideration payable to holders of outstanding shares of Cincinnati Bell common stock to $12.50 per share in cash. This wasfollowing the receipt by Cincinnati Bell on February 27, 2020 of a binding proposal from MIRA to acquire all outstanding shares of Cincinnati Bell common stock for $12.50 per share in cash. Cincinnati Bell's Board, in consultation with its legal and financial advisors, carefully reviewed the terms of MIRA's proposal, as well as the amended Brookfield transaction and determined that entering into the amendment to the Brookfield merger agreement was in the best interests of Cincinnati Bell and its shareholders.
Consistent with its fiduciary duties, Cincinnati Bell's Board, in consultation with its advisors, will carefully review and evaluate the Proposal to determine the course of action that is in the best interests of the Company and its stakeholders. The Brookfield merger agreement remains in effect and the Cincinnati Bell Board has not changed its existing recommendation in support of the transaction with Brookfield.