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Cubic Accepts Revised Private Equity Offer Despite Higher Bid From ST Engineering

Cal Biesecker By
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Cubic Accepts Revised Private Equity Offer Despite Higher Bid From ST Engineering
Artist rendering of the Polar Security Cutter. Image by Halter Marine and Technology Associates.

A day after Singapore’s ST Engineering increased its bid for Cubic Corp. [CUB], the California based transportation and defense contractor on Wednesday said accepted a revised, but still lower, offer from two private equity firms. Cubic said it accepted the $75 per share offer from Veritas Capital and Evergreen Coast Capital, which in February agreed to buy the company for $70 per share. Then, in March, ST Engineering approached Cubic with a $76 per share offer, a proposal Cubic agreed…

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