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.
If you haven't already, please take our Reader Survey! Just 3 questions to help us better understand who is reading Telecom Ramblings so we can serve you better!Categories: ILECs, PTTs · Mergers and Acquisitions · Metro fiber