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Leading Proxy Advisory Firms ISS and Glass Lewis Recommend That Cincinnati Bell Shareholders Vote the WHITE Proxy Card FOR ALL the Company's Director Nominees


 Tags:   News: Telecomms                This was published: 16 Apr 2018 - 07:46 pm         Print article: Printer friendly page
          

Leading Proxy Advisory Firms ISS and Glass Lewis Recommend That Cincinnati Bell Shareholders Vote the WHITE Proxy Card FOR ALL the Company’s Director Nominees - on DefenceBriefing.net

Cincinnati Bell Inc. (NYSE: CBB), today announced that Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), leading independent proxy advisory firms, have recommended that Cincinnati Bell shareholders vote the WHITE proxy card FOR ALL the Company’s highly qualified and experienced director nominees standing for election at the annual meeting of shareholders to be held on May 1, 2018.



ISS and Glass Lewis both observed that GAMCO has not made a compelling case that change at the board level is warranted. In its April 16, 2018 report, ISS concluded that:

  • “As the dissident has not made a compelling case that change is warranted at the board level, votes FOR all management nominees on the WHITE card are warranted.”

Concerning the dissident’s opposition to the Hawaiian Telcom transaction, ISS added:

  • “GAMCO's limited disclosure makes it difficult for other shareholders to properly assess its case, given that its public critique is limited to a sole paragraph, which includes one sentence on the [Hawaiian Telcom] acquisition itself, with no analysis to support the dissident's underlying opposition to the transaction.”

Additionally, in its April 12, 2018 report, Glass Lewis specifically noted:

  • “GAMCO has not demonstrated, in our opinion, how the election of any of its nominees in place of the incumbents it has left off its slate would result in a potentially superior outcome for shareholders.”

Furthermore, Glass Lewis noted its support for the Company’s transformation strategy and recent acquisitions initiated by the board, stating:

  • “The board has provided shareholders with detailed information regarding the Company's transformation strategy… In our view, [the Hawaiian Telcom and OnX] acquisitions are in line with the Company's transformation and growth strategy as it seeks to build two businesses which leverage the Company's strengths and experience, capitalize on market opportunities and trends, enhance revenues and cash flows and lead to a higher market valuation, and ultimately deliver greater shareholder value and returns.”

“We are very pleased that ISS and Glass Lewis have recommended that shareholders vote for all Cincinnati Bell’s highly qualified and experienced director nominees. ISS and Glass Lewis’ recommendations reaffirm our strong belief that Cincinnati Bell has the right board and the right strategy in place to deliver long-term growth and sustained shareholder value creation,” said Phil Cox, Chairman of the board of directors.

Cincinnati Bell shareholders are reminded that their vote is extremely important, no matter how many or how few shares they own. Cincinnati Bell urges shareholders to follow ISS and Glass Lewis’ recommendations and vote FOR ALL the Company’s director nominees – Phillip R. Cox, John W. Eck, Leigh R. Fox, Jakki L. Haussler, Craig F. Maier, Russel P. Mayer, Theodore H. Torbeck, Lynn A. Wentworth and Martin J. Yudkovitz – on the WHITE proxy card today.

Shareholders can vote by completing, dating and signing the Company-provided WHITE proxy card, or by telephone or the internet by following the instructions on the WHITE proxy card. Shareholders are urged to discard any blue proxy card or voting instruction card they may receive from GAMCO. Shareholders who have already returned a blue proxy card can change their vote by signing, dating and returning a WHITE proxy card today. Only the latest-dated proxy card counts.

If you have questions or need assistance voting your shares please contact:
INNISFREE M&A INCORPORATED
TOLL-FREE, at 1-877-456-3402

For more information about Cincinnati Bell’s annual meeting of shareholders, please visit: http://investor.cincinnatibell.com/sec-filings.

Article source - Business Wire, all right reserved. Copyright 2018
Trademarks, logos, pictures and other items may be copyright of firms mentioned in this article.




Further information:
Organisation name:    Cincinnati Bell Inc.
Organisation stock symbol: NYSE:CBB


Latest stock price data for NYSE:CBB

 


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