CBB - Cincinnati Bell: Another Offer Seems Unlikely -- But It Could Be Big
The bull case for local telecommunications provider Cincinnati Bell (CBB) in recent years had two pillars. The financial case was that Cincinnati Bell's capital expenditures would come down sharply as the company finished building out its fiber-optic network. That case was blown up by the company's acquisitions of Hawaiian Telcom and IT services provider OnX Enterprise Solutions in 2017. Hawaiian Telcom, in particular, struggled, and the legacy business disappointed, leading to disappointing free cash flow.
But the second pillar was that the company's networks in Ohio and Hawaii were valuable assets in an