US regional operator Cincinnati Bell has received a non-binding proposal from an unidentified infrastructure fund (‘the Fund’) to acquire all of the telco’s outstanding shares of common stock for USD12.00 per share in cash. This offer represents the second takeover proposal received by the company in just over a month. As previously announced on 23 December 2019, Cincinnati Bell entered into a definitive agreement via which Brookfield Infrastructure and its institutional partners would acquire all of the company’s common stock in a USD2.6 billion (USD10.50 per share) cash transaction.
A statement issued by the operator notes: ‘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.’
TeleGeography notes that Cincinnati Bell owns and operates the leading data transmission and distribution network in Cincinnati, Ohio and Hawaii, with a footprint that passes more than 1.3 million homes, delivering core fibre broadband, video and voice services to residential and enterprise customers.