Iteris' stockholders approve merger agreement with Almaviva
Iteris announced that Iteris stockholders approved the proposed merger agreement with Almaviva at Iteris' Special Meeting of Stockholders held yesterday. As previously announced, under the terms of the merger agreement, Almaviva will acquire Iteris in an all-cash transaction in which Iteris' stockholders will receive $7.20 per share of common stock, valuing Iteris at approximately $335M equity value. The parties anticipate the transaction will close on or about November 1, subject to customary closing conditions. Upon completion of the merger, Iteris common stock will no longer be listed on any public market. More than 98% of the shares of Iteris common stock present, in person or by proxy, at the Special Meeting representing approximately 71% of Iteris' total issued and outstanding shares of common stock as of the record date, voted in favor of the merger agreement and transaction.
