Cincinnati Bell has accepted the takeover offer from Macquarie Infrastructure (MIRA) at USD 15.50 per share in cash, for a total of USD 2.9 billion including debt. The deal represents a 101 percent premium to the closing price of Cincinnati shares on 20 December, the last day of trading before the company signed its first takeover agreement, with Brookfield Infrastructure. As stipulated under that contract, Cincinnati Bell has paid Brookfiled a USD 24.8 million break-up fee.
CEO Leigh Fox said the deal with MIRA will help Cincinnati Bell deliver on its strategy to drive next generation, integrated communications through an expanded fibre network and its IT services platform. “We firmly believe this transaction will allow us to enhance our services and drive long-term value for our customers in Hawaii, Ohio, Kentucky, and Indiana, and across North America," Fox said.
The transaction should close in the first half of next year, subject to usual closing conditions, including approval by Cincinnati Bell shareholders.
