March 31 (Reuters) – Cubic Corp said on Wednesday it had agreed to a sweetened buyout offer from private equity firm Veritas Capital and U.S. hedge fund Elliott Management that values the defense electronics maker at about $2.38 billion.
The move ends a bidding war for Cubic, which had also attracted a $2.4 billion, or $76 per share, approach from Singapore’s ST Engineering last month.
The latest offer from Veritas and billionaire Paul Singer’s Elliot values the San Diego-based company at $75 per share and is at a discount of 2% to its shares’ last close.
Veritas and Elliot had agreed to take Cubic private in February by paying $70 per share before ST Engineering made a bid.
Cubic said in a statement on Wednesday that it had ceased further engagement with the Singapore-based company.
Reporting by Ankit Ajmera in Bengaluru; Editing by Aditya Soni
