Singapore markets closed
  • Straits Times Index

    3,200.26
    +27.26 (+0.86%)
     
  • Nikkei

    29,357.82
    +26.45 (+0.09%)
     
  • Hang Seng

    28,610.65
    -26.81 (-0.09%)
     
  • FTSE 100

    7,129.71
    +53.54 (+0.76%)
     
  • BTC-USD

    58,582.15
    +2,193.85 (+3.89%)
     
  • CMC Crypto 200

    1,480.07
    +44.28 (+3.08%)
     
  • S&P 500

    4,232.60
    +30.98 (+0.74%)
     
  • Dow

    34,777.76
    +229.23 (+0.66%)
     
  • Nasdaq

    13,752.24
    +119.39 (+0.88%)
     
  • Gold

    1,832.00
    +16.30 (+0.90%)
     
  • Crude Oil

    64.82
    +0.11 (+0.17%)
     
  • 10-Yr Bond

    1.5770
    +0.0160 (+1.02%)
     
  • FTSE Bursa Malaysia

    1,587.45
    +9.12 (+0.58%)
     
  • Jakarta Composite Index

    5,928.31
    -41.93 (-0.70%)
     
  • PSE Index

    6,258.71
    -24.07 (-0.38%)
     

Cubic accepts sweetened buyout offer from Veritas Capital, Elliott

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

March 31 (Reuters) - Cubic Corp said on Wednesday it had agreed to a sweetened buyout offer from private equity firm Veritas Capital and U.S. hedge fund Elliott Management that values the defense electronics maker at about $2.38 billion.

The move ends a bidding war for Cubic, which had also attracted a $2.4 billion, or $76 per share, approach from Singapore's ST Engineering last month.

The latest offer from Veritas and billionaire Paul Singer's Elliot values the San Diego-based company at $75 per share and is at a discount of 2% to its shares' last close.

Veritas and Elliot had agreed to take Cubic private in February by paying $70 per share before ST Engineering made a bid.

Cubic said in a statement on Wednesday that it had ceased further engagement with the Singapore-based company.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Aditya Soni)