Cubic Corp spurns ST Engineering's higher bid of US$78 per share

The Edge Singapore
The Edge Singapore3/31/2021 8:32 PM GMT+08  • 3 min read
Cubic Corp spurns ST Engineering's higher bid of US$78 per share
If the deal goes through, it would have been the local defence and engineering conglomerate’s largest-ever M&A deal.
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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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