Veritas, Elliott affiliate strike $3B deal for Cubic after sweetening offer
April 1, 2021
Defense contractor company Cubic has accepted a revised offer from Veritas Capital and Elliott Management's Evergreen Coast Capital to acquire the San Diego-based business for $75 per share, giving the deal an enterprise value of roughly $3 billion. ST Engineering had offered to take Cubic private for $78 per share, pushing Veritas and Evergreen to revise a previous $72-per-share-bid. Cubic said it chose the proposal from Veritas and Evergreen because of the "superior certainty and anticipated timing of closing" the deal.