Cubic Jumps on Potential Elliott Takeover

Investing.com

Mon, Sep 21, 2020, 6:56 AM1 min read

In this article:

By Christiana Sciaudone

Investing.com -- Cubic (NYSE:CUB) Corporation soared 25% as Elliott Management looks at taking over the company.

Cubic Corp , which provides transportation and defense system services, adopted a poison pill after the hedge fund said it owns a 15% stake and wants to buy the rest with a private equity partner, Bloomberg Law reported.

The company said its standalone prospects are excellent, and Paul Singer's Elliott hasn't made a formal acquisition offer.

The poison pill, a shareholder rights plan, gives the board of directors at Cubic time to make an informed decision, and prevents third parties from getting control of the company at a price that isn't the best interest of shareholders, Bloomberg Law said.

Shares are down 12% in 2020. Cubic has five buy ratings and one hold.

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