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Last Trade - 07/05/21

Sector
Industrials
Size
Large Cap
Market Cap £6.35bn
Enterprise Value £6.99bn
Revenue £3.87bn
Position in Universe 270th / 6094

Cubic accepts sweetened buyout offer from Veritas Capital, Elliott

Wed 31st March, 2021 1:54pm
March 31 (Reuters) - Cubic Corp  CUB.N  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  STEG.SI  last month.  urn:newsml:reuters.com:*:nL4N2KE34K
    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.  urn:newsml:reuters.com:*:nL4N2KE34K
    Cubic said in a statement on Wednesday that it had ceased
further engagement with the Singapore-based company.
 urn:newsml:reuters.com:*:nBw82hm0na
    
    

 (Reporting by Ankit Ajmera in Bengaluru; Editing by Aditya
Soni)
 ((Ankit.Ajmera@thomsonreuters.com;))
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