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.
Cubic Corp said on Monday it had received an unsolicited offer from Singapore's ST Engineering to buy the company for about $2.4 billion, boosting the software maker's shares to match the offer price of $76. ST Engineering's offer is superior to a rival bid by private-equity firm Veritas Capital and U.S. hedge fund Elliott Management, which together agreed to buy Cubic for $2.2 billion, or $70 per share, last month. Cubic, whose shares rose as much as 9.2%, said its board had decided to engage in discussions with ST Engineering, which makes automatic fare collection machines for metro stations, to evaluate the new offer.
* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Asian FX lose ground as dollar claws back losses * Mexican peso swings wildly in volatile trade * Philippine shares gain the most By Shriya Ramakrishnan Nov 4 (Reuters) - Emerging Asian stocks scored small gains and currencies were broadly weaker as early projections of the U.S. presidential election hinted at a tighter race, sparking a bout of volatility across financial markets. U.S. President Donald Trump was narrowly leading Democratic rival Joe Biden in the vital battleground state of Florida, Edison Research said on Tuesday, while other competitive swing states that will help decide the election outcome, such as Georgia and North Carolina, remained up in the air.