Rekor Systems (REKR) Made an Offer for Iteris (ITI), Which Was Rebuffed

Rekor Systems, Inc., (NASDAQ: REKR) announced today that on February 20, 2021, it had advised Iteris, Inc. (NASDAQ: ITI) that it was prepared to offer to purchase all of Iteris’ outstanding common stock. The offer to Iteris was for a combination of cash and common stock subject to confirmatory diligence and approval of both boards of directors.

On February 26th, Rekor was advised that the board of directors of Iteris “has decided at this time the combination of the two companies would not be in the best interest of [Iteris’] shareholders.”

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