Traffic camera technology vendor Reflex Holdings (ASX:RDF) has received a $330 million takeover offer from a consortium led by Macquarie Capital and the Carlyle Group.
RDF shares jumped 15.6% to $2.590 during Monday's trading, hitting a day-long high of $2.610, on reaction to the bid.
The consortium has offered $2.70 per share, based on price parity between the Australian and US dollars - a 76% premium to Redflex's closing share price as of June 4.
The price will be adjusted based on whether the Australian dollar is over two cents stronger or weaker than the Greenback at the time of the transaction.
In a statement, Redflex said the deal compares favourably to other indicative non-binding proposals received from US suitors, and that the board unanimously recommends shareholders accept.
While previous offers had been higher in Australian dollar terms, the current bid still edges out considering its current strength, the statement read.
The exchange rate variance is particularly relevant as the company currently generates over 75% of its group revenue from the US.