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Brookfield Not To Propose Any Further Revisions To Merger Deal With Cincinnati

Cincinnati Bell Inc. (CBB) said it received notification from Brookfield Infrastructure (BIP) that Brookfield will not exercise its right to propose any further revisions to its merger agreement and will let its negotiation period lapse.

So, Cincinnati Bell will be able to, and intends to, terminate the Brookfield merger agreement and enter into a definitive agreement with Macquarie Infrastructure and Real Assets Inc. or "MIRA" with respect to the MIRA proposal on March 13, 2020.

But, Cincinnati Bell noted that the Brookfield merger agreement remains in effect and Cincinnati Bell's Board has not changed its recommendation with respect to the Brookfield transaction, nor has it made any recommendation with respect to MIRA's proposal.

Earlier on Friday, Cincinnati Bell said that it determined a binding proposal from Macquarie Infrastructure and Real Assets constitutes a "Superior Company Proposal" as defined in Cincinnati Bell's previously announced merger agreement with Brookfield Infrastructure.

Macquarie Infrastructure proposed to acquire all outstanding shares of common stock of Cincinnati Bell for $15.50 per share in cash.

As per terms of the Brookfield merger agreement, Brookfield has the right until 11:59 p.m. ET on March 12, 2020, to negotiate revisions to the existing merger agreement between Cincinnati Bell and Brookfield.

On Thursday, Cincinnati Bell said that it 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.

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