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  • Saturday, April 27, 2024

Cubic Shareholders OK Merger Deal With Veritas Capital, Evergreen

Stockholders at Cubic (NYSE: CUB) voted Tuesday to approve an amended buyout offer of Veritas Capital and Evergreen Coast Capital, an affiliate of Elliott Investment Management.

Holders of approximately 70.3 percent of Cubic’s shares issued and outstanding as of March 18 voted in favor of the merger agreement, Cubic said Tuesday.

In late March, Cubic entered into an amended agreement with Veritas Capital and Evergreen that would allow it to be acquired for $75 in cash per share, or approximately $3 billion.

Cubic said it expects the proposed all-cash transaction, which includes the assumption of debt, to close in the second quarter of calendar year 2021, subject to regulatory approvals and other customary closing conditions.

Veritas and Evergreen made the move to acquire Cubic in February but had to raise their offers for the San Diego-based defense and transit technology company in response to unsolicited buyout offers from Singapore-based ST Engineering.

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