Shares of Cubic Corporation (CUB) are climbing more than 9% Monday morning after the company announced that it has received an unsolicited acquisition proposal from Singapore Technologies Engineering for $76 per share in cash.
In February, the company had signed a merger agreement with Veritas Capital and Evergreen Coast Capital to get acquired for $70 per share, that still remains active Cubic said.
However, the Board said it has decided to engage in discussions with ST Engineering to further evaluate proposed transaction compared to the pending deal with Veritas and Evergreen.
CUB touched a new high of $76.10 this morning.
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