STE makes competing bid for Cubic Corp

Singapore

SINGAPORE Technologies Engineering (ST Engineering or STE) on Monday said it has submitted to the board of New York-listed Cubic Corporation a competing proposal to buy all its stock for US$76 per share in cash.

The proposed deal represents a premium of 8.6 per cent compared to the US$70 per share in cash agreed to by Cubic with private equity firms Veritas Capital and Evergreen Coast Capital, announced on Feb 8, 2021. They, too, are planning to acquire Cubic for US$2.8 billion, including the assumption of debt.