Macquarie outbids Brookfield for Cincinnati Bell with USD13.50 per share offer

4 Mar 2020

The bidding war for US regional operator Cincinnati Bell has intensified after the telco confirmed that it has received a binding proposal from Macquarie Infrastructure and Real Assets (MIRA) to acquire all of its outstanding shares of common stock for USD13.50 per share in cash. The bid was registered on 2 March – just days after the telco’s board approved a USD12.50 per share offer from Brookfield Infrastructure, which valued the business at USD2.745 billion.

Cincinnati Bell has now confirmed that the Brookfield offer – which was lodged on 28 February – followed a USD12.50 per share offer from MIRA on 27 February. Announcing the new offer, the telco stated: ‘Cincinnati Bell’s board, in consultation with its advisors, will carefully review and evaluate the latest proposal to determine the course of action that is in the best interests of the company and its stakeholders.’

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.