What’s happening with the Redflex (ASX:RDF) share price today?

The Redflex Holding Limited (ASX: RDF) share price is flat today after the company released the Results of its the Scheme Meeting.
The post What’s happening with the Redflex (ASX:RDF) share price today? appeared first on The Motley Fool Australia. –

A woman lying face down on the couch, indicating a flat ASX share price

The Redflex Holding Limited (ASX: RDF) share price is standing at the starting blocks today after the company released the results of its scheme meeting on a proposed acquisition.

Redflex shares are flat at 95 cents at the time of writing, after gaining more than 145% over the past 12 months.

Redflex designs and manufactures solutions for road congestion and safety, effective flow of traffic, ticketless parking systems, video surveillance, and back-office solutions.

Redflex’s takeover bid

Redflex shareholders voted today in favour of the company’s takeover by VM Consolidated, Inc, an indirect wholly-owned subsidiary of Verra Mobility Corporation. 

Redflex investors voted for the deal after Verra increased its offer from 92 cents to 96 cents for each Redflex share. While the deal still hangs on some regulatory approvals – including from the Saudi Arabian competition watchdog – Redflex expects to lodge paperwork with the ASX by 17 May.

The takeover bid was first announced in January, and 96 cents per share is a significant premium on the closing Redflex share price at any stage in the previous five years before the original offer.

Background on Redflex

Redflex is known for its manufacture of speed cameras and other traffic management products and services which are sold and managed in the Asia Pacific, North America, United Kingdom, Europe and Middle East regions.

Redflex develops, manufactures and operates a wide range of platform-based solutions all utilising sensor and image capture technologies enabling active management of state and local motorways.

The Redflex Group runs its own systems engineering operations, system integration technologies and innovation centre for research and development. It makes most of its revenue from the US, where its traffic business is predominantly a Build Own Operate and Maintain (BOOM) business providing fully outsourced traffic enforcement programs.

Its Australian business involves the sale of traffic enforcement products.

Redflex share price snapshot

The Redflex share price has doubled from 40 to 86 cents per share at the original announcement of the takeover bid and has raised steadily since then to its current price. The last time it was above 60 cents was in February 2015.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post What’s happening with the Redflex (ASX:RDF) share price today? appeared first on The Motley Fool Australia.

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