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S63 - Singapore Technologies Engineering News Story

S$3.77 0.0  0.0%

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

UPDATE 1-Cubic Corp receives $2.4 bln buyout offer from Singapore's ST Engineering

Mon 22nd March, 2021 3:23pm
(Adds ST Engineering comment, background on existing competing
bids for Cubic)
    March 22 (Reuters) - Cubic Corp  CUB.N  said on Monday it
had received an unsolicited offer from Singapore's ST
Engineering  STEG.SI  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.  urn:newsml:reuters.com:*:nL4N2KE34K
    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. Cubic makes revenue management software
for the transportation industry. urn:newsml:reuters.com:*:nBw8VSSTda
    ST Engineering said Cubic's transportation systems business
fits with ST Engineering's strategy to pursue growth in the
smart city domain. (https://bit.ly/3c7D4eA)

 (Reporting by Ankit Ajmera in Bengaluru;
Editing by Vinay Dwivedi)
 ((Ankit.Ajmera@thomsonreuters.com;))
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