Macquarie makes play for Redflex
June 9, 2010
Redflex Holdings Limited (RDF) confirmed market rumours, saying it had received an indicative, non-binding and confidential proposal from a Macquarie Group subsidiary, at around $2.50 per share, valuing the company at around $275 million. The company said no action should be taken until a binding offer is received.
The takeover offer was a poorly kept secret from the market, with the company’s shares soaring in recent days, forcing Redflex to confirm interest had been expressed in the traffic camera infringement company.
Redflex shares had risen more than 50% since last Friday.
This morning Redflex shares entered a trading halt, but not before adding 5c to $2.35 per share.
The takeover offer was a poorly kept secret from the market, with the company’s shares soaring in recent days, forcing Redflex to confirm interest had been expressed in the traffic camera infringement company.
Redflex shares had risen more than 50% since last Friday.
This morning Redflex shares entered a trading halt, but not before adding 5c to $2.35 per share.
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