By Ross Wilkers
May 25, 2021
After a highly active process that started and restarted, Cubic Corp. said Tuesday it has completed the sale of itself to private equity firm Veritas Capital and activist hedge fund Elliott Investment Management.
Veritas and the Paul Singer-led Elliott group will pay $2.38 billion in cash to acquire Cubic and assume around $600 million in that company’s debt, bringing the deal’s enterprise value to roughly $3 billion.
For Cubic stockholders, that translates to a payment of $75 per share as the company ceases to be a publicly-traded entity on the New York Stock Exchange. Elliott is undertaking the acquisition through its own private equity arm named Evergreen Coast Capital.
Veritas Capital and its hedge fund partner offered more assurances than rival bidder
By Ross Wilkers
Apr 09, 2021
If we learned anything from the race to buy Cubic Corp., then it was how the defense and transportation company was not afraid to put the heat on both of its suitors when needed, but we also learned how deal structure and certainty can also be a deciding factor.
From Cubic’s standpoint, it worked out given how both bidders increased their offers at almost each turn in the competition. Private equity Veritas Capital and activist hedge fund Elliott Management (again) won out over their rival in Singapore Technologies Engineering.
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