Elliott and ST Engineering in Bidding War for Cubic Corp.

By Cara Lombardo

A bidding war has erupted around defense- and transit-technology company Cubic Corp., which had agreed to sell itself to a pair of private-equity firms before a new corporate suitor surfaced last week.

Veritas Capital and the private-equity arm of Elliott Management Corp. in February agreed to pay $70 a share to take Cubic private. Singapore Technologies Engineering Ltd. then made an unsolicited bid of $76 last week.

Since then, the private-equity duo raised its bid to $72 a share, and ST Engineering responded by boosting its offer to $78, according to people familiar with the matter. Neither of those bids has previously been reported.

Cubic shares closed Friday at $74.80.

(More to come)

Write to Cara Lombardo at cara.lombardo@wsj.com

(END) Dow Jones Newswires

March 29, 2021 14:50 ET (18:50 GMT)

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