Yep, it’s definitely an auction now. Just days after Brookfield and Cincinnati Bell announced an amended deal at the higher price of $12.50, that unsolicited bidder who prompted it stepped forward into the light with a new offer.
Cincinnati Bell says it has received a binding proposal from Macquarie Infrastructure and Real Assets for $13.50 in cash. MIRA had also bid $12.50 late last week before Brookfield did the same. Now Cincinnati Bell will have to take a look at the new higher offer, and Brookfield will have to decide just how much it wants this as well.
Maquarie was definitely one of the infrastructure funds I thought might be behind that earlier unsolicited bid. They are definitely on the hunt for assets, and last year they bought Bluebird so the Midwest is definitely on their radar.
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