Redflex Shareholders To Decide On Company Sale

Verra Mobility wants to dominate the automated ticketing industry, and, if Australian investors agree, the Arizona-based company will soon enjoy a near-monopoly position in red light camera and speed camera services. On Thursday, Redflex urged its shareholders to approve Verra Mobility’s proposed buy-out offer. Under the deal, Verra Mobility would take control of Redflex by paying 92 cents for each outstanding share (the Australian company had been trading at just 40 cents when the offer was made). Despite taking $8.5 million in virus relief funds from the Australian and US governments, Redflex has not turned a profit since 2014.