SGGKY Singapore Tech Engineering Ltd (PK)

By Allison Prang

Cubic Corp. said Wednesday it has accepted a proposal to sell itself for $75 a share in cash to Veritas Capital and an Elliott Investment Management LP affiliate.

Including debt, the deal will be valued at about $3 billion, the defense- and transit-technology company said.

Cubic said its board duly considered Singapore Technologies Engineering Ltd.'s revised proposal to buy Cubic for $78 a share, but said the revised proposal from Evergreen Coast Capital Corp.--the Elliott Investment Management affiliate--and Veritas was in shareholders' best interest "based on the superior certainty and anticipated timing of closing the existing transaction with" those two private-equity firms.

The $75 a share offer is higher than the recent offer of $72 a share that Veritas and the Elliott Management affiliate made earlier which The Wall Street Journal reported. That offer had been raised from $70 a share.

Singapore Technologies Engineering had also increased its unsolicited offer from $76 to $78, The Wall Street Journal had earlier reported.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

March 31, 2021 08:44 ET (12:44 GMT)

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