CUB - Cubic shares surge on reported Elliott Veritas premium acquisition bid

Cubic (CUB) shares are up 8.4% pre-market after Reuters sources said Elliott Management and Veritas Capital have made a joint bid at a premium to yesterday's $54.73 closing price.The bid follows weeks of private talks, and the exact value of hte offer wasn't disclosed.On Monday, Cubic announced adopting a poison pill after Elliott acquired a 15% stake and expressed interest in acquiring the company with an unnamed PE partner.Cubic shares are down 14% YTD as investors worry that the pandemic could slow government spending, which backs Cubic's defense and public transportation technologies.

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Cubic shares surge on reported Elliott, Veritas premium acquisition bid