Cincinnati Determines Proposal From Macquarie Constitutes 'Superior Proposal'

(RTTNews) - Cincinnati Bell Inc. (CBB) said Friday that it has determined a binding proposal from Macquarie Infrastructure and Real Assets constitutes a "Superior Company Proposal" as defined in Cincinnati Bell's previously announced merger agreement with Brookfield Infrastructure (BIP).

Macquarie Infrastructure has proposed to acquire all outstanding shares of common stock of Cincinnati Bell for $15.50 per share in cash.

As per terms of the Brookfield merger agreement, Brookfield has the right until 11:59 p.m. ET on March 12, 2020, to negotiate revisions to the existing merger agreement between Cincinnati Bell and Brookfield.

Cincinnati Bell said that the Brookfield merger agreement remains in effect and Cincinnati Bell's Board has not changed its recommendation with respect to the Brookfield transaction, nor has it made any recommendation with respect to Macquarie's proposal.