Singapore-based ST Engineering decided to increase its offer to acquire Cubic (NYSE: CUB) from $76 to $78 in cash per share after Veritas Capital and a private-equity arm of Elliott Management raised their bid for the San Diego-based defense and transit technology company from $70 to $72 a share, The Wall Street Journal reported Monday.
WSJ cited sources that say Cubic’s board of directors is expected to hold a meeting to compare the latest offers.
In February, Veritas and Elliott’s affiliate Evergreen Coast Capital agreed to buy Cubic for $70 per share in an all-cash transaction that includes the assumption of debt.
A month after, Cubic announced that it received an unsolicited buyout offer of $76 a share from ST Engineering. The company said its board would engage in discussions with ST Engineering to further assess its offer, but continued to recommend to shareholders the deal with Veritas and Evergreen.
Cubic provides fare collection systems and other technologies for the transportation sector and defense C4ISR and training platforms designed to improve military readiness.