ST Engineering ups bid to acquire Cubic

ST Engineering said today it has increased its proposal to acquire Cubic to $78 per share in cash, up from $76 per share last week.

"No definitive terms or agreements have been agreed upon or executed," the company cautioned. "There is no certainty or assurance that ST Engineering's proposal will be successful or will materialize."

Last week, ST Engineering said it had submitted a counter-proposal to acquire Cubic. In February, Cubic announced it had agreed to be acquired by affiliates of private-equity firms.