ST Engineering is making a US$2.4 billion all-cash bid for Cubic Corporation, a New York-listed provider of intelligent transportation solutions and payment systems. It also provides military communication systems.

ST Engineering’s bid, at US$76 per share, trumps a US$70 per share offer earlier tabled on Feb 8 by Veritas Capital and Evergreen Coast Capital Corporation.

If successful, this will mark ST Engineering’s largest ever acquisition. Thus far, its largest acquisition was US$506 million paid for US engine nacelle maker MRAS just two years ago.

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