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

loading...
loading...

Latest


10 July 2017
Zimbabwe beat Sri Lanka to clinch ODI series
Five further wickets fell for just 38 runs over the subsequent 11 overs and there were nervous faces on the Zimbabwe balcony with 29 still needed.

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
Trump pledges to act 'very strongly' on North Korea missile threat
Firing back, North Korea said its July 4 missile test-launch was "the final gate to completing the state nuclear force". Air Force bombers released inert weapons Friday on a training range in South Korea .

10 July 2017
Mike Trout slated to return to Angels' lineup Friday
The reigning American League Most Valuable Player closed out his time at High-A Inland Empire with a triple on Sunday. Trout has been out since May 28, when he tore a ligament in his left thumb while sliding headfirst into second base.

10 July 2017
Former Cowboys Josh Adams scores 9 points in Mavericks' Summer League win
Until then, Cuban's Mavs will have to settle with being in rebuilding mode. Playing in the East may just be the quickest ticket to success.

10 July 2017
Session Recap: Viewing Unusual Volume for Avinger, Inc. (NASDAQ:AVGR)
Floating stock is calculated by subtracting closely-held shares and restricted stock from a firm's total outstanding shares. SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against Avinger, Inc.

10 July 2017
Elliott Management Corp Takes Position in The Advisory Board Company (NASDAQ:ABCO)
Finally, PNC Financial Services Group Inc. increased its position in The Advisory Board Company by 41.5% in the first quarter. Following the completion of the sale, the insider now owns 19,028 shares of the company's stock, valued at $898,121.60.

10 July 2017
Richie Porte suffers horrific crash
Uran won one for Cannondale-Drapac, the team in argyle winless at the Tour de France since stage 19 of the 2014 edition. Medics fitted the BMC rider with a neck brace and put him in an ambulance.

10 July 2017
Venus Williams reaches Wimbledon quarter-finals
The 37-year-old Venus is set to play against another rival nearly half of her age, Latvian Jelena Ostapenko . Andy Murray was on Centre Court against Benoit Paire, and Roger Federer will follow against Grigor Dimitrov.

10 July 2017
Freeport-McMoran, Inc. (FCX) Position Reduced by AQR Capital Management LLC
Capstone Investment Advisors LLC bought a new stake in shares of Freeport-McMoran during the fourth quarter valued at $421,000. The firm owned 13,643 shares of the natural resource company's stock after buying an additional 305 shares during the period.