Elliott and ST Engineering in Bidding War for Cubic Corp.
29 Marzo 2021 - 1:05PM
Noticias Dow Jones
By Cara Lombardo
A bidding war has erupted around defense- and transit-technology
company Cubic Corp., which had agreed to sell itself to a pair of
private-equity firms before a new corporate suitor surfaced last
week.
Veritas Capital and the private-equity arm of Elliott Management
Corp. in February agreed to pay $70 a share to take Cubic private.
Singapore Technologies Engineering Ltd. then made an unsolicited
bid of $76 last week.
Since then, the private-equity duo raised its bid to $72 a
share, and ST Engineering responded by boosting its offer to $78,
according to people familiar with the matter. Neither of those bids
has previously been reported.
Cubic shares closed Friday at $74.80.
(More to come)
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
March 29, 2021 14:50 ET (18:50 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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