The auction for Cincinnati Bell continues, and they aren't wasting any time about it. Brookfield and Cincinnati Bell today amended their agreement yet again, raising the price tag to $13.50 per share.
That matches Macquarie's latest bid which was revealed just yesterday, topping Brookfield's earlier amendment over the weekend to $12.50. We are now $3/share above the original purchase agreement's price that was announced back over Xmas, and just under $6/share above where the stock was trading before that. The total deal price is now about $2.8B.
The breakup fee also rose from $21.39M to $23.1M, which represents an additional hurdle Macquarie will have to overcome if it wants to keep the auction alive. I have no sense of which of these infrastructure funds has the highest tolerance for pain here, but they both clearly mean business.
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