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Technology Stocks : Cubic Corporation (NYSE: CUB)

CUB 10.68

0.0%

Jan 30 9:30 AM EST

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From: Sr K	3/29/2021 5:16:41 PM
	of 87

Private-Equity Firms and ST Engineering in Bidding War for Cubic Corp. After Veritas and Elliott pairing raised its offer to $72 a share, ST Engineering responded by boosting its to $78 An autonomous bus developed by ST Engineering.PHOTO: ROSLAN RAHMAN/AGENCE FRANCE-PRESSE/GETTY IMAGES By Cara Lombardo Updated March 29, 2021 2:44 pm ET A bidding war has erupted around defense- and transit-technology company Cubic Corp. , which had agreed to sell itself to a pair of private-equity firms before a new corporate suitor surfaced last week. Veritas Capital and the private-equity arm of Elliott Management Corp. in February agreed to pay $70 a share to take Cubic private. Singapore Technologies Engineering Ltd. then made an unsolicited bid of $76 last week. Since then, the private-equity duo raised its bid to $72 a share, and ST Engineering responded by boosting its offer to $78, according to people familiar with the matter. Neither of those bids has previously been reported. Cubic shares closed Friday at $74.80. This is the second bidding war waged in recent weeks. Laser-maker Coherent Inc.’s agreed sale to Lumentum Holdings Inc. attracted other suitors and, roughly 10 bids later, resulted in II-VI Inc. agreeing to buy the California company last week. Skip

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