Cubic To Be Acquired By Veritas, Evergreen Coast Capital In $2.8 Bln Deal - Quick Facts

(RTTNews) - Cubic Corp. (CUB) said Monday it has agreed to be acquired by Veritas Capital and Evergreen Coast Capital Corp., an affiliate of Elliott Investment Management L.P., for $70.00 per share in cash.

The all-cash transaction will be valued at about $2.8 billion, including the assumption of debt. The transaction is expected to close during the second calendar quarter of 2021.

Under the terms of the deal, Cubic shareholders will receive $70.00 in cash for each share of Cubic's common stock currently held by them. This represents a nearly 58 percent premium to Cubic's unaffected closing stock price on September 18, 2020, the last trading day before Cubic's disclosure of third-party interest in potentially acquiring the company.

Elliott has entered into an agreement to vote its shares in support of the transaction.

Following the closing of the transaction, the company will remain based in San Diego, California. Cubic said it expects the transaction to be seamless for customers and employees across its businesses.