Cincinnati Bell Inc. Common Stock (NYSE: CBB)
According to the Complaint, Cincinnati Bell Inc. delivers integrated communications solutions to residential and business customers over its fiber-optic and copper networks including high-speed internet, video, voice, and data. The Company provides service in areas of Ohio, Kentucky, Indiana, and Hawaii. In addition, enterprise customers across the United States and Canada rely on CBTS and OnX, wholly-owned subsidiaries of the Company, for efficient, scalable office communications systems and end-to-end IT solutions.
This action stems from a proposed transaction announced on March 13, 2020, pursuant to which Cincinnati Bell Inc. will be acquired by affiliates of Macquarie Infrastructure Partners V.
On March 19, 2020, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.