ST Engineering loses Cubic Corporation bid

American firm Cubic Corporation chooses the proposal of rival bidders over the Singaporean company's bid.

ST Engineering has dropped its deal in US-based defense firm Cubic Corporation.

This, following Cubic's acceptance of the rival proposal submitted by Veritas Capital and Evergreen Coast Capital Corporation.

"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," said ST Engineering CEO and Group President Vincent Chong in a bourse disclosure.

Veritas and Evergreen offered a US$75 per share offer, lower than ST Engineering's US$78 per share proposal.