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Sloane & Co. represents Cubic Corp. as the San Diego-based defense and transportation (fare collection/revenue management) systems company adopts a poison pill defense in the wake of a potential takeover bid by hedge fund Elliott Management and Veritas Capital.
Reuters reported the Cubic has held private talks with its possible suitors for a number of weeks.
Cubic says it issued a rights plan after Elliott disclosed that it has accumulated a 15 percent ownership stake. David Melcher, lead independent director at Cubic, said the company is committing to creating long-term value and ensuring that investors realize the full potential of their investment.
The rights plan “is intended to provide the board with time to make informed decisions and prevent any third party from obtaining control of Cubic in a manner and at a price that are not in the best interests of Cubic’s shareholders,” he said.
Sloane & Co’s Dan Zacchei and Joe Germani handle Cubic, which lost $60.7M on $1B revenues during the nine-month ended June period.
Stagwell Group’s SKDKnickerbocker is the parent company of Sloane & Co.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
