Iteris Stockholders Overwhelmingly Approve Merger Agreement with Almaviva

Iteris, Inc. (NASDAQ: ITI) recently held a Special Meeting of Stockholders where more than 98% of the votes cast were in favor of the proposed merger agreement with Almaviva S.p.A. This significant support from shareholders further paves the way for Iteris to move forward with the merger.

The merger agreement, initially announced earlier, entails Almaviva’s acquisition of Iteris in an all-cash transaction. Under this agreement, Iteris stockholders are set to receive $7.20 per share of common stock, valuing the company at about $335 million in equity value. The transaction is expected to conclude around November 1, 2024, pending customary closing conditions.

During the Special Meeting, more than 98% of the shares of Iteris common stock present, either in person or by proxy, demonstrated their support for the merger agreement and subsequent transaction. This vote accounts for approximately 71% of the total issued and outstanding shares of Iteris common stock as of the record date.

According to Joe Bergera, President and CEO of Iteris, the resounding approval from stockholders reflects the perceived benefits of the transaction. The purchase price, which represents a substantial 68% premium, is seen as advantageous for investors, signaling a positive step towards integrating with Almaviva’s global network of companies.

Iteris will disclose the finalized voting results in a Form 8-K submission to the U.S. Securities and Exchange Commission in due course.

Iteris, Inc. operates as a provider of smart mobility infrastructure management solutions. These cloud-enabled solutions play a vital role in helping public transportation agencies, municipalities, commercial entities, and other transportation infrastructure providers optimize mobility infrastructure to enhance safety, efficiency, and sustainability.

For further details, visit Iteris’ official website at www.iteris.com.

The content of this communication may contain forward-looking statements, subject to various risks and uncertainties outlined within the disclosure. Readers are advised to exercise caution when relying on these forward-looking statements, recognizing that they are based on current expectations and projections which may be subject to change.

Should the proposed transaction proceed as intended, Iteris’ stockholders will transition out of their current equity position with the company. Any updates or alterations to the forward-looking statements will be made in compliance with applicable laws, as Iteris commits to keeping stakeholders informed.

This article summarizes the outcomes of Iteris’ recent developments and the resounding support received for its merger agreement with Almaviva.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Iteris’s 8K filing here.

Iteris Company Profile

Iteris, Inc provides intelligent transportation systems technology solutions in North America, Europe, South America, and Asia. The company offers smart mobility infrastructure solutions include traveler information systems, transportation performance measurement software, traffic analytics software, transportation operations software, transportation-related data sets, advanced sensing devices, managed services, traffic engineering services, and mobility consulting services.