Cubic Corp. Receives $76/Share Unsolicited Proposal From ST Engineering - Quick Facts

(RTTNews) - Cubic Corp. (CUB) confirmed Monday that it recently received an unsolicited proposal from Singapore Technologies Engineering or STE, to acquire all of Cubic's outstanding stock for $76 per share in cash.

The STE proposal contemplates that, immediately following the acquisition of all of Cubic's outstanding stock, STE would sell Cubic's CMPS business to an affiliate of Blackstone Tactical Opportunities.

On February 7, 2021, Cubic's Board of Directors unanimously approved entering into a definitive merger agreement with an affiliate of Veritas Capital, under which Veritas and Evergreen Coast Capital Corp., an affiliate of Elliott Investment Management L.P., will acquire Cubic for $70 per share in cash.

The Veritas Merger Agreement remains in full force and effect, and the Board of Directors of Cubic has not withdrawn or modified its recommendation that the stockholders of Cubic vote in favor of the approval of the merger, the Veritas Merger Agreement and the transactions contemplated thereby.

However, Cubic's Board of Directors has determined that the STE proposal is or would reasonably be expected to lead to a superior proposal, as that term is defined under the Veritas Merger Agreement.

Accordingly, the Board has determined to engage in discussions with ST Engineering to further evaluate the merits and risks of the proposed transaction relative to the pending transaction.