Cincinnati Bell gets new bid, at higher USD 13.50 per share

News Broadband United States 3 MAR 2020
Cincinnati Bell gets new bid, at higher USD 13.50 per share
A bidding war is taking place around Cincinnati Bell, which said it has received a fresh unsolicited bid, at USD 13.50 per share in cash. The bid comes from Macquarie Infrastructure and Real Assets (MIRA), which Cincinnati Bell now reveals was the party that offered USD 12 per share for the company in January. Cincinnati Bell had already accepted a bid from Brookfield Infrastructure, at USD 10.50 per share or USD 2.6 billion in total. 

MIRA increased its offer on 27 February to USD 12.50 per share in cash (worth an estimated USD 2.75 billion), which Brookfield Infrastructure decided to match on 28 February. MIRA has now further stretched its offer, in a binding proposal. 

Cincinnati Bell, which always said the Brookfield merger agreement was in the best interests of the company and its shareholders, will nevertheless carefully review the latest proposal, “to determine the course of action that is in the best interests of the company and its stakeholders.” For the moment, the Brookfield merger agreement remains in effect and the Cincinnati Bell board has not changed its existing recommendation.

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Shareholders & subsidiaries, Corporate strategy, M&A buyouts & divestments

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