Redflex expecting takeover offer
Redflex Holdings Limited (RDF) said based on discussions with “a large Australian financial institution” it is set to receive a takeover offer in the next few days. The company said, in a response to an ASX price query, that it was aware of a special crossing in respect of 8 million shares in the company after the close of trading on 4 June 2010 at a price of $2.50 each.
The red-light and speed photo operator said it has also become aware that the buyer is a large Australian financial institution.
“Yesterday afternoon there were confidential discussions with representatives of the buyer,” the company said.
“The company believes on the basis of those discussions that it will in the next few days receive on a confidential basis, an indicative and non-binding proposal for the acquisition of control of the company.”
Redflex added that it is not aware of the nature or terms of the proposal and gave no assurance as to when or indeed whether any such proposal will be received.
Redflex shares spiked 40% yesterday before adding another 8.8% to be trading at $2.34 as at 1058 AEST today.
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