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

(RTTNews) - Shares of Cincinnati Bell Inc. (CBB) reached a new 52-week high of $15.43 on March 2, after the company announced the receipt of an unsolicited binding acquisition proposal from MIRA.

The stock has been trading between $3.19 and $15.43 in the past one year, and closed Monday's trading session at $14.88, up $1.83 or 14.02%. Trading volume surged to 2.45 million versus an average volume of 933K shares.

On February 28, 2020, Cincinnati Bell and Brookfield announced an amendment to its definitive agreement to increase the consideration payable to holders of outstanding shares of Cincinnati Bell common stock to $12.50 per share in cash from the prior offer of $10.50/Shr in cash.

Cincinnati Bell, on March 2, received a binding proposal from Macquarie Infrastructure and Real Assets Inc. or MIRA to acquire all of the outstanding shares of common stock of Cincinnati Bell for $13.50 per share in cash.

Cincinnati Bell's Board, in consultation with its legal and financial advisors, carefully reviewed the terms of MIRA's proposal, as well as the amended Brookfield transaction and determined that entering into the amendment to the Brookfield merger agreement was in the best interests of Cincinnati Bell and its shareholders.

Consistent with its fiduciary duties, Cincinnati Bell's Board said it would carefully review and evaluate the Proposal to determine the course of action that is in the best interests of the company and its stakeholders.

However, the Brookfield merger agreement remains in effect and the Cincinnati Bell Board has not changed its existing recommendation in support of the transaction with Brookfield.