Iteris rejects Rekor's buyout offer (updated)
01/03/2021 15:40
(Changes source; adds comment, background)
March 1 (Reuters) - Traffic camera provider Iteris Inc
ITI.O on Monday rejected a buyout offer from Rekor Systems Inc
REKR.O , saying it undervalued the company.
The U.S. license plate recognition software vendor had
earlier made a non-binding $330 million cash-and-stock offer to
acquire Iteris, sources told Reuters on Sunday. urn:newsml:reuters.com:*:nL2N2KZ08M
"Rekor's proposal does not reflect Iteris' intrinsic value,
including the significant long-term opportunities ahead of us,"
said Iteris Chairman Tom Thomas.
Iteris, which makes video and radar detection equipment used
on highways, has been expanding its software platform to cater
to state and federal transportation agencies.
(Reporting by Tiyashi Datta in Bengaluru; Editing by
Ramakrishnan M. and Devika Syamnath)
((tiyashi.datta@thomsonreuters.com;))
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