UPDATE: Cubic Accepts Private-Equity Deal to Go Private

Cubic Corp . said it has accepted a proposal to sell itself for $75 a share in cash to Veritas Capital and an Elliott Investment Management LP affiliate, the latest development in the bidding war for the defense- and transit-technology company.

Including debt, the deal will be valued at about $3 billion, Cubic said Wednesday.

The $75-a-share buyout offer is less than the unsolicited offer of $78-a-share that Cubic received from Singapore Technologies Engineering Ltd .

Cubic said its board considered Singapore Technologies Engineering’s revised proposal to buy Cubic for $78 a share, but said the revised proposal from Evergreen Coast Capital Corp.—the Elliott Investment Management affiliate—and Veritas was in shareholders’ best interest “based on the superior certainty and anticipated timing of closing the existing transaction with” the two private-equity firms.

Source: Wall Street Journal