Investors Sue Cincinnati Bell In Del. Over $2.6B Merger Plan
Law360 (February 21, 2020, 8:21 PM EST) -- Cincinnati Bell Inc. stockholders hit the company late Thursday with a proposed class action in Delaware federal court alleging disclosure shortcomings ahead of its $2.6 billion proposed acquisition by Toronto-based Brookfield Infrastructure Inc. and seeking a deal block or reversal.
The 11-page Securities Exchange Act complaint filed by lead stockholder Dennis Palkon accused the company of omitting key details needed to assess the company's valuation and the basis for the $10.50 per share cash offer in the merger agreement, which was approved by Cincinnati Bell's board on Dec. 21, 2019.
Cincinnati Bell provides data transmission and distribution to networks in Ohio, Kentucky,...
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