ST Engineering’s 11th-hour bid to lure Cubic Corp from its original suitor has been rebuffed.
The board of Cubic has decided to accept a joint US$75 offer from Veritas Capital and Evergreen Coast Capital.
ST Engineering on March 24 made a US$76 per share bid for Cubic, trumping Veritas and Evergreen’s original US$70 bid. ST Engineering’s bid values Cubic at US$2.4 billion.
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