Stock Alert: Cincinnati Bell Inc. (CBB) Shares Hit 52-Week High

(RTTNews) - Shares of Cincinnati Bell Inc. (CBB) hit a 52-week new high of $14.01 on Jan. 24, 2020, and closed Friday's trading session at $13.75, up $2.50 or 22.22%. Trading volume surged to 4.95 million versus an average volume of 822K.

Most recently on Wednesday, Jan. 22, Cincinnati Bell received a non-binding proposal from an infrastructure fund to acquire all of the outstanding shares of common stock of Cincinnati Bell for $12.00 per share in cash.

As previously announced on December 23, 2019, Cincinnati Bell entered into a definitive agreement through which Brookfield Infrastructure (BIP) and its institutional partners would acquire all of the outstanding shares of common stock of Cincinnati Bell for $10.50 per share in cash.

On Nov. 7, 2019, the company reported Q3 net loss of $16.2 million or $0.32 per share versus $20.3 million or $0.41 per share in the prior year. Quarterly revenue declined to $382.5 million from $386.7 million last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.16 per share and revenues of $381.87 million. Analysts' estimates typically exclude special items.

For fiscal year 2019, the company expects revenue to be in the range of $1.515 billion - $1.575 billion. Analysts expect the company to report revenues of $1.54 billion for fiscal year 2019.