Cincinnati Bell's shareholders sign off on $2.9B acquisition deal by MIP

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Cincinnati Bell's shareholders have put their stamp of approval on the company being bought Macquarie Infrastructure Partners for $2.9 billion. (Pixabay)

Cincinnati Bell's shareholders have put their stamp of approval on the company being bought Macquarie Infrastructure Partners for $2.9 billion.

At special meeting that was held virtually on Thursday, the proposal to adopt the merger agreement was approved by more than two-thirds (or 75.35%) of shares that were outstanding, and more than 99% of the votes cast.

RELATED: Cincinnati Bell pivots to Macquarie Infrastructure Partners for a $2.9B deal

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Once the deal passes the customary closing conditions, each issued and outstanding share of Cincinnati Bell's common stock will be converted into the right to receive $15.50 in cash. The deal is expected to close in the first half of next year.

The voting closed a rather tumultuous process by several companies that were attempting to buy Cincinnati Bell. In March, a bidding war between Macquarie Infrastructure Partners (MIP) and Brookfield Infrastructure Partners LP broke out before MIP ultimately won even after Brookfield increased its bids.

Near the end of December, Toronto-based conglomerate Brookfield announced it was buying Cincinnati Bell for $2.6 billion. On March 6, Cincinnati Bell said it had notified Brookfield that it intended to end their merger deal in order to enter into a "superior company proposal from MIP."

RELATED: Cincinnati Bell may ditch Brookfield deal after getting 'superior' bid

After terminating their December agreement, Cincinnati Bell paid Brookfield a $24.8 million break-up fee.

Cincinnati Bell has been upgrading its network with next-generation fiber in order to support the growing demand for data and the broader rollout of 5G services, which made it an attractive target for suitors such as Brookfield and MIP.

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