Culture

Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Hawaiian Telcom (HCOM) — SHAREHOLDER ALERT

Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Hawaiian Telcom (HCOM) — SHAREHOLDER ALERT”

Cincinnati Bell's current annual revenues are about $1.2 billion, but they will jump by about $600 million as a result of the OnX acquisition and by an additional $400 million as a result of the Hawaiian Telcom acquisition.

Cincinnati Bell has also signed a definitive agreement to acquire OnX Enterprise Solutions, a technology services and solutions provider in North America and the United Kingdom, for a total consideration of approximately $201 million in cash on a cash-free, debt-free basis.

Since the start of the calendar year, Hawaiian Telcom Holdco, Inc. Cincinnati Bell is targeting run rate combined synergies of about Dollars 21 million, mostly within two years post-close.

The investigation focuses on whether the Hawaiian Telecom board members failed to fulfill their duties to the shareholders and whether Cincinnati Bell (NYSE: CBB) is underpaying for Hawaiian Telecom. Hawaiian Telcom will name two directors to the combined board of directors and these seats will be held by Hawaii residents, which Hawaiian Telcom said ensures that Hawaii is well represented when broader strategic decisions are made.

Cincinnati Bell says Hawaiian Telcom will maintain its separate brand and will honor its union contracts. "Hawaiian Telcom brings Cincinnati Bell greater financial and operational scale and an established market position in a new geography to seize upon the growing demand for fiber". The combination will provide Hawaiian Telcom with expanded liquidity and capital flexibility to continue to expand its next-generation fiber network to enable growth and better serve its customer base statewide. The companies' combined fiber networks exceed 14,000 fiber route miles. Both companies have invested in upgrading their networks to fiber and Fox sees an opportunity to gain economies of scale as the combined company continues to pursue that strategy. In addition, Hawaiian Telcom provides Cincinnati Bell with direct access to the 2.6 terabytes of transpacific fiber cable capacity linking Asia and the U.S.

In a statement, Cinncinnati Bell said that the acquisition will grow its IT and cloud services footprint to include 20 sales offices and more than 50 data center locations through strategic partners. The OnX transaction will close at the beginning of the fourth quarter, while the Hawaiian Telcom transaction is expected to close in the second half of 2018.

Cincinnati Bell's footprint now services Ohio, Indiana and Kentucky.



Like this

Latest


10 July 2017
Jurgen Klopp says three-way fight for Liverpool's No 1 spot
Meanwhile, Karius says he wants to "prove himself" this season and win back the starting spot from Mignolet. And Danny played a fantastic season at Huddersfield with a big success at the end.

10 July 2017
Citigroup Upgrades Rating On Palo Alto Networks, Inc. (PANW)
ValuEngine upgraded shares of Palo Alto Networks from a "sell" rating to a "hold" rating in a research note on Tuesday, June 27th. Over the last five days, shares have managed 1.08% gains and now is up 1.66% since hitting its 200-day moving average of $127.52.

10 July 2017
(NYSE:RS) Upgraded to Hold at BidaskClub
The stock of Reliance Steel & Aluminum Co (NYSE:RS) has "Neutral" rating given on Tuesday, November 29 by Macquarie Research. Shelton Capital Management decreased Bank Amer Corp (NYSE:BAC) stake by 38,904 shares to 300,683 valued at $6.65M in 2016Q4.

10 July 2017
Eminem reportedly working on ninth studio album with Dr. Dre
Hughes has spent an extensive amount of time with Dre and Iovine, who would be involved in something Em's creating. So far, there's be no formal announcement from the rapper or his radio company.

10 July 2017
Interior Ministry kills 6 militants in Asyut, IS ideologists
The extremist group claimed an attack Friday on a remote army outpost in the northern Sinai that killed 23 soldiers. The jihadists have been increasingly targeting Christians in their campaign as well.

10 July 2017
CME divests Croatia, Slovenia operations for €230m
The portfolio includes terrestrial TV channels Nova TV, Doma TV, POP TV and Kanal A, as well as several cable TV channels. Croatia and Slovenia are the two smallest markets for CME , whose largest operations are in Czech Republic and Romania.

10 July 2017
Vivo V5s Energetic Blue variant launched exclusively on Flipkart for INR 17990
Connectivity options are Wi-Fi 802.11 a/b/g/n, Bluetooth 4.0, 3.5mm audio jack, MicroUSB 2.0, and Global Positioning System . The smartphone maker now launches a new colour of its recently announced smartphone - Vivo V5S called - the Energetic Blue.

10 July 2017
True Blood actor Nelsan Ellis dies, aged 39
As soon as the tragic news broke, fans and cast mates of Ellis reacted by sharing their condolences and shock on social media. He recalled how he struggled for his first few years but has credited this struggle to the artist he became.

10 July 2017
Manchester United Tour 2017: 27-man travelling squad confirmed
A beer is not allowable regardless of the time or place for the entirety of the visit, ' said a well-placed source. Manchester United have already secured the services of Victor Lindelof and Romelu Lukaku .

10 July 2017
Tom Cruise: 'Thank you to the fantastic people of NZ'
Christopher McQuarrie , who previously helmed Mission: Impossible - Rogue Nation , is once again writing and directing the sequel. The actor is now shooting the sixth installment of the action franchise, where he is reprising his role of agile spy Ethan Hunt.



Recommended