ST Engineering Terminates Discussion with Cubic Corporation

Singapore, 31 March 2021 – Further to the announcement made on 30 March 2021, Singapore Technologies Engineering Ltd (“ST Engineering”) today updated that following the decision made by the Board of Directors of Cubic Corporation (“Cubic”) (NYSE-CUB) to accept a revised proposal[i] from Veritas Capital and Evergreen Coast Capital Corporation, ST Engineering has terminated acquisition discussions with Cubic.

ST Engineering noted that Cubic determined to accept an offer of US$75 per share in cash that is lower in value than ST Engineering’s US$78 per share in cash offer, which we continue to believe is compelling.

"We appreciate the engagement of the Cubic Board and management team throughout this process. ST Engineering is well positioned for further value creation and will continue to execute on the many other opportunities we have to be a key Smart City solutions provider on the global stage. This offer demonstrated our steadfast focus in seeking opportunities for sustainable global growth, and we will continue to maintain a disciplined approach as we pursue our strategic objectives,” said Vincent Chong, Group President & CEO of ST Engineering. 

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For further enquiries, please contact:

Lina Poa
Group Head, Corporate Communications & Investor Relations
ST Engineering
Email: linapoa@stengg.com

Matthew Sherman
President, Partner
Joele Frank, Wilkinson Brimmer Katcher
D +1 212.355.4449
Email: msherman@joelefrank.com

[i] https://www.cubic.com/news-events/news/cubic-board-accepts-revised-acquisition-proposal-veritas-capital-and-evergreen