Traffic camera company Redflex Holdings Ltd
(ASX:RDF) has called for new takeover offers after rejecting an approach from Macquarie Group.
The Redflex board said Macquarie’s $2.50 per share offer "significantly undervalued" the company, and said it would enter a formal process of talks with a number of parties to determine the level of interest in an acquisition proposal for Redflex.
It's understood that Macquarie will be invited to participate in that process.
Redflex has been trying to get its business back on track after investors forced the replacement of three of the company’s board directors in November of last year.
The company has also been experiencing problems implementing speed monitoring programs in the US and has been involved in fighting a number of lawsuits.
Redflex reported a net profit after tax of $9.63 million in the year to 30 June 2009.
