ST Engineering has submitted a revised proposal to Cubic Corporation’s board of directors to acquire all of its outstanding stock in cash for US$78 ($105.07) per share, up from its original offer of US$76 per share.
The revised offer price increases the total implied consideration from US$2.41 billion to US$2.49 billion, based on Cubic Corp's outstanding shares of 31.87 million as of 1QFY2021 ended December 2020.
SEE:ST Engineering revises proposed bid for Cubic Corp to US$78 per share
In a filing to SGX dated March 30, ST Engineering states that no definitive terms or agreements have been agreed upon or executed.
NYSE-traded Cubic shares rose 1.67% to US$76.05 while ST Engineering rose 0.78% to $3.89 on March 29.
