Elliott’s Deal to Buy Cubic Is Topped by $2.41 Billion Offer

(Bloomberg) -- Singapore Technologies Engineering Ltd. offered $2.41 billion to purchase Cubic Corp., more than a previous deal with Elliott Investment Management to acquire the U.S. defense electronics maker.

ST Engineering proposed buying Cubic for $76 a share, the San Diego-based company said in a statement, offering a 9% premium over Cubic’s closing price on March 19. Cubic didn’t withdraw from the agreement to be acquired by affiliates of Elliott and Veritas Capital for $70 a share but said it would engage with ST Engineering to evaluate its proposal.

Cubic rose 9.2% to $76.09 at 10:04 a.m. Monday in New York, rising the most intraday since the Elliott deal was announced Feb. 8. The stock had climbed 81% in the 12 months through March 19.

Affiliates of Elliott and Veritas had agreed to buy Cubic for $2.21 billion, a deal that would take the company private. Elliott declined to comment on Monday.

Cubic provides technology for combat systems and communication products, as well as ticketing systems for public transit projects.

Singapore-based ST Engineering produces defense, electronics and technology services for military, marine and urban infrastructure uses.

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