Veritas Capital and Evergreen Coast Capital to Acquire Cubic for $70.00 Per Share All-Cash Transaction Valued at Approximately $2.8 Billion, Including Assumption of Debt
Cubic Corporation announced that it has entered into a definitive agreement (the “Agreement”) with an affiliate of Veritas Capital (“Veritas”), under which Veritas and Evergreen Coast Capital Corporation (“Evergreen”), an affiliate of Elliott Investment Management L.P. (“Elliott”), will acquire Cubic for $70.00 per share in cash.
Under the terms of the Agreement, Cubic shareholders will receive $70.00 in cash for each share of Cubic’s common stock they currently hold, representing a premium of approximately 58% to Cubic’s unaffected closing stock price on September 18, 2020, the last trading day before the Company discloses third-party interest in potentially acquiring Cubic. The all-cash transaction will be valued at approximately $2.8 billion, including the assumption of debt.
Following the closing of the transaction, the Company will remain based in San Diego, California. The transaction is expected to be seamless for customers and employees across Cubic’s businesses.
Defense Innovation Unit (DIU) Selects Immervision InnovationLab to Develop a Computer Vision Wide Angle Camera for the Blue UAS Framework Project
Technology will enable the advanced low light vision for small Unmanned Aerial Systems (sUAS) for commercial and defense applications
Immervision announced it has received an award from the Defense Innovation Unit (DIU), part of the U.S. Department of Defense (DoD) for a Blue UAS Framework effort.