Redflex receives takeover approach

The move comes after a special crossing on Friday saw 8 million shares change hands at $2.50.

Jamie Freed and Sarah Thompson

Updated Jul 8, 2010 – 3.50pm, first published at Jun 8, 2010 – 10.34am

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Embattled shareholders of the traffic camera operator have finally caught a lucky break after Redflex revealed that it was poised to receive a takeover bid after it was issued a speeding ticket.

The corporate interest in Redflex was foreshadowed in Street Talk on Tuesday following speculation in the market on Monday as the stock surged a record 40 per cent to $2.15.