Cincinnati Bell Mulls Competing Bid To $2.6B Brookfield Sale
Law360 (January 24, 2020, 1:02 PM EST) -- Cincinnati Bell said Friday it has received a competing takeover offer prior to its planned $2.6 billion sale to Brookfield Infrastructure Partners.
The proposal, received by Cincinnati Bell Inc.’s board Wednesday, offers $12 per share in cash for the telecommunications company’s outstanding common stock, the announcement said. The suitor was described as an “infrastructure fund,” but its name was not disclosed.
The existing agreement with Brookfield Infrastructure Partners LP would swap Cincinnati Bell shares for $10.50 apiece, and includes the assumption of debt, according to a statement at the time. Brookfield and Cincinnati Bell announced the deal Dec. 23.
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