CINCINNATI -- Cincinnati Bell Inc. (NYSE: CBB) today announced that on January 22, 2020 it received a non-binding proposal from an infrastructure fund (the "Fund") to acquire all of the outstanding shares of common stock of Cincinnati Bell for $12.00 per share in cash (the "Proposal").
As previously announced on December 23, 2019, Cincinnati Bell entered into a definitive agreement (the "Brookfield Merger Agreement") through which Brookfield Infrastructure (NYSE: BIP; TSX: BIP.UN) and its institutional partners would acquire all of the outstanding shares of common stock of Cincinnati Bell for $10.50 per share in cash.
Cincinnati Bell has commenced discussions with the Fund regarding the Proposal following Cincinnati Bell's board of directors having made the required determinations under the Brookfield Merger Agreement that allow it to do so. The Brookfield Merger Agreement remains in effect and accordingly the Cincinnati Bell board reaffirms its existing recommendation in support of the transaction with Brookfield Infrastructure at this time.
There can be no assurances that discussions with the Fund will result in a binding proposal or that a transaction with the Fund will be approved or consummated.
Morgan Stanley & Co. LLC and Moelis & Company LLC are acting as financial advisors and Cravath, Swaine & Moore LLP, Morgan, Lewis & Blockius LLP, and BosseLaw PLLC are acting as legal advisors to Cincinnati Bell.
Cincinnati Bell Inc. (NYSE: CBB)