Cincinnati Bell Inc. To Be Acquired By Brookfield Infrastructure In $2.6 Billion Transaction
Cincinnati Bell Inc. (CBB)
Last cincinnati bell inc. earnings: 2/13 06:15 am
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US:NYSE Investor Relations:
investor.cincinnatibell.com/investor-home
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Source: PR Newswire
CINCINNATI, Dec. 23, 2019 /PRNewswire/ -- Cincinnati Bell Inc. (NYSE:CBB), together with Brookfield Infrastructure (NYSE: BIP; TSX: BIP.UN), today announced an agreement through which Brookfield Infrastructure and its institutional partners will acquire Cincinnati Bell in a transaction valued at approximately $2.6 billion, including debt (the "Transaction"). Pursuant to the agreement, each issued and outstanding share of Cincinnati Bell common stock will be converted into the right to receive $10.50 in cash at closing of the Transaction. The Transaction price of $10.50 per share of Cincinnati Bell common stock represents a 36% premium to the closing per share price of $7.72 on December 20, 2019 and an 84% premium to the 60-day volume weighted average price. The Transaction has received unanimous approval of Cincinnati Bell's Board of Directors and is subject to customary closing conditions, including Cincinnati Bell shareholder approval and regulatory approval.Lynn A. Wentworth, Chair
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