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

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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