Cincinnati Bell shareholders approve Macquarie takeover deal

11 May 2020

Cincinnati Bell has announced that its shareholders have approved all proposals related to its agreement to be acquired by a controlled subsidiary of Macquarie Infrastructure Partners (MIP). At a virtual special meeting held on 7 May, the proposal to adopt the merger agreement was approved by more than two-thirds (around 75.35%) of shares outstanding, and more than 99% of the votes cast. Upon the closing of the transaction, each issued and outstanding share of Cincinnati Bell common stock will be converted into the right to receive USD15.50 in cash in a transaction valued at approximately USD2.9 billion, including debt. The transaction is subject to certain customary closing conditions and is expected to close in the first half of 2021.

Lynn A. Wentworth, chairman of the Cincinnati Bell Board of Directors, commented: ‘Today’s favourable vote supports our view that the acquisition by MIP is in the best interest of our shareholders and our company, and represents maximum value. We look forward to completing the remaining necessary conditions to finalise this transaction.’

TeleGeography notes that Macquarie struck the takeover deal in March this year, following a three-month bidding war with Canada’s Brookfield Infrastructure.

United States, Cincinnati Bell (incl. Hawaiian Telcom), Macquarie Asset Management (incl. MIRA)