Iteris Inc: Soars after rejecting Rekor's buyout offer

Iteris

01/03/2021 17:02

** Shares of traffic camera provider  ITO.N  jumps 27.4%
to$7.02
    ** Co on Monday rejected a buyout offer from Rekor Systems
Inc  REKR.O , saying it undervalued the company  urn:newsml:reuters.com:*:nL3N2KZ3YK
    ** REKR had earlier made a non-binding $330 million
cash-and-stock offer to acquire ITO, sources told Reuters on
Sunday
    ** "Rekor's proposal does not reflect Iteris' intrinsic
value, including the significant long-term opportunities ahead
of us," said Iteris Chairman Tom Thomas
    ** REKR also up 10.6% at $17.11
    ** ITO stock up ~23.9% so far this year

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))