Cincinnati Bell, Brookfield Infrastructure Amend Merger Agreement

(RTTNews) - Cincinnati Bell Inc. (CBB) said Thursday that it has amended its definitive merger agreement with Brookfield Infrastructure and its institutional partners to increase the consideration payable to holders of outstanding shares of Cincinnati Bell common stock to $14.50 per share in cash from $13.50 per share in cash, which values the transaction at about $2.849 billion, including debt.

The revised transaction price represents an 88% 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. The transaction is expected to close by the end of 2020.

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