ST Engineering reveals plan to acquire Cubic Corporation

It has delivered to Cubic's Board of Directors its proposal to acquire all of its outstanding stock at US$76 per share.

ST Engineering announced its plans to acquire the US-based public transportation and defense company Cubic Corporation.

In a statement, ST Engineering said it has already delivered to Cubic's Board of Directors its proposal to acquire all of its outstanding stock at US$76 per share. Cubic is listed on the New York Stock Exchange.

"In particular, ST Engineering intends for CTS to be the global headquarters of its Smart Mobility business and to continue to be based in San Diego, California, U.S. ST Engineering intends to invest in CTS and retain the 'Cubic' brand. We will further strengthen Cubic’s leading position in digital mobility payments and smart mobility applications by combining the best technology and talent from both organisations," ST Engineering said in a statement.

The company also said it is confident that its proposal is "superior" to the proposal submitted by Veritas Capital and Evergreen Coast Capital Corporation on 8 February.