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Cubic accepts sweetened buyout offer from Veritas Capital, Elliott

Reuters SG
·1-min read

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)