Cincinnati Bell Amends Merger Deal With Brookfield Infrastructure - Quick Facts

(RTTNews) - Cincinnati Bell Inc. (CBB) announced Friday that it has amended its definitive merger agreement with Brookfield Infrastructure (BIP, BIP_U.TO) and its institutional partners to increase the consideration payable to holders of outstanding shares of Cincinnati Bell common stock to $12.50 per share in cash from $10.50 per share in cash, which values the transaction at approximately $2.745 billion, including debt.

The revised transaction price represents a 62 percent premium to the closing per share price of $7.72 on December 20, 2019, the last trading day prior to the date when the merger agreement was entered into.

Cincinnati Bell and Brookfield negotiated the amendment following the receipt by Cincinnati Bell on February 27, 2020 of a binding proposal to acquire all outstanding shares of Cincinnati Bell common stock for $12.50 from the infrastructure fund that previously submitted a non-binding proposal on January 22, 2020.

Cincinnati Bell's Board of Directors approved the amended merger agreement and recommends that Cincinnati Bell's shareholders vote in favor of adopting the amended Brookfield merger agreement.

The transaction is subject to certain customary closing conditions, including the approval by Cincinnati Bell's shareholders, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and certain regulatory approvals, and is expected to close by the end of 2020.