Cubic Corp receives $2.4b buyout offer from Singapore's ST Engineering

Cubic Corp receives $2.4b buyout offer from Singapore's ST Engineering

REUTERS/Edgar Su

Cubic Corp said on Monday it had received an unsolicited offer from Singapore’s ST Engineering to buy the company for about $2.4 billion, boosting the software maker’s shares to match the offer price of $76.

ST Engineering’s offer is superior to a rival bid by private-equity firm Veritas Capital and U.S. hedge fund Elliott Management, which together agreed to buy Cubic for $2.2 billion, or $70 per share, last month.

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