Cubic in takeover battle
A Bradley IFV fitted with I-MILES. (Photo: PEO STRI)
Cubic Corporation has two suitors who aim to take a majority shareholding. The final decision will be taken in late April.
Following the news in February that Cubic Corporation had ‘entered into a definitive agreement' with an affiliate of Veritas Capital and Evergreen Coast Capital Corporation to acquire Cubic for $70 per share in cash, the battleground has shifted with an unsolicited counter-bid from Singapore Technologies Engineering (ST Engineering).
Initially valued at $76 per share and then raised to $78, the ST Engineering bid would see Cubic Mission and Performance Solutions (CMPS) sold to an affiliate of Blackstone Tactical Opportunities.
By 31 March, Cubic had accepted a proposal from Veritas and Evergreen to increase their offer to $75 per share, valuing
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