Sully: Private-Equity Firms and ST Engineering in Bidding War for Cubic Corp.

SAN DIEGO (KUSI) – A bidding war has erupted around defense- and transit-technology company Cubic Corp., which had agreed to sell itself to a pair of private-equity firms before a new corporate suitor surfaced last week, according to KUSI contributor Sully.

Sully said, Veritas Capital and the private-equity arm of Elliott Management Corp. in February agreed to pay $70 a share to take Cubic private. Singapore Technologies Engineering Ltd. then made an unsolicited bid of $76 last week.

Since then, the private-equity duo raised its bid to $72 a share, and ST Engineering responded by boosting its offer to $78, according to people familiar with the matter.

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