Mahalo for supporting Honolulu Star-Advertiser. Enjoy this free story!
The combined entity of Macquarie Infrastructure and Real Assets Inc. has emerged victorious in the bidding war for Hawaiian Telcom parent Cincinnati Bell.
Brookfield Infrastructure, the initial bidder, announced Friday that it will not exercise its right to revise its fourth and latest offer of $14.50 a share made Thursday. That means MIRA will prevail with its offer of $15.50 a share that was proposed following the last Brookfield offer. Altogether, the two suitors each proposed four offers apiece dating back to Brookfield’s first offer of $10.50 a share in December.
Cincinnati Bell said it will terminate the Brookfield agreement and enter into a definitive agreement with MIRA on Thursday, which is the earliest Cincinnati Bell can do so according to the terms of its agreement with Brookfield.
Shares of Cincinnati Bell, which had been catapulting higher during the bidding war, plunged 7.4%, or $1.18, to $14.71 on Monday.
Cincinnati Bell acquired Hawaiian Telcom in July 2018 for $650 million in stock and cash. At the time the Hawaiian Telcom deal closed, Cincinnati Bell’s stock was trading at $15.70 a share.
ON THE MOVE
American Savings Bank announced two new hires:
>> Doug Brown has been hired as a vice president and financial consultant of American Savings Investment Services. Brown has worked as a financial consultant since 1993.
>> Greg Idemoto has been hired as a business relationship manager. Idemoto has more than 10 years of experience in the financial services industry, including roles in consumer mortgages, business development and business banking.
69