Elliott Management amassed a 15% interest in transport and defense tech company Cubic, then offered to buy it. The hedge fund may have played its cards in the wrong order, writes TheRealLSL.
Elliott Management has acquired a 15% economic interest in technology company Cubic and, alongside a private-equity partner, has engaged the company about an acquisition, the company said in a statement on Sept. 21.
Cubic said it had approved a limited-duration shareholder-rights plan that triggers if any person or group acquires more than 15% of its shares. Elliott said it was disappointed Cubic had imposed the poison pill and pleased that the board"has acknowledged its fiduciary duty to engage in good faith in pursuit of the value-maximizing outcome for Cubic and our fellow shareholders."
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