Cubic Corp. Accepts Private-Equity Deal to Go Private -- Update
31 Março 2021 - 11:15AM
Dow Jones News
By Allison Prang
Cubic Corp. said it has accepted a proposal to sell itself for
$75 a share in cash to Veritas Capital and an Elliott Investment
Management LP affiliate, the latest development in the bidding war
for the defense- and transit-technology company.
Including debt, the deal will be valued at about $3 billion,
Cubic said Wednesday.
The $75-a-share buyout offer is less than the unsolicited offer
of $78-a-share that Cubic received from Singapore Technologies
Engineering Ltd.
Cubic said its board considered Singapore Technologies
Engineering's revised proposal to buy Cubic for $78 a share, but
said the revised proposal from Evergreen Coast Capital Corp. -- the
Elliott Investment Management affiliate -- and Veritas was in
shareholders' best interest "based on the superior certainty and
anticipated timing of closing the existing transaction with" the
two private-equity firms.
The $75 a share offer is higher than the recent offer of $72 a
share that Veritas and the Elliott Management affiliate made
earlier. That offer had been raised from $70 a share.
Singapore Technologies Engineering had also increased its
unsolicited offer from $76 to $78, The Wall Street Journal had
earlier reported.
Cubic, based in San Diego, provides tech products to the
military in addition to transit systems such as the London
Underground and the New York Metropolitan Transportation Authority.
The U.S. and allied forces are among its defense customers.
Cubic shares were down 0.6% in premarket trading Wednesday.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
March 31, 2021 10:00 ET (14:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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