Why Is Iteris (ITI) Stock Up 64% Today?

Group 1 - Iteris is being acquired by Almaviva for $335 million, valuing shares at $7.20 each, which is a 68% premium over the previous closing price [1][2] - The acquisition has received unanimous support from Iteris' board of directors and is pending approval from regulators and shareholders [2] - As of Friday morning, ITI stock has increased by 64%, and the shares will go private once the deal is finalized [3] Group 2 - Joe Bergera, president and CEO of Iteris, expressed confidence in the acquisition, stating it aligns with their vision for digital mobility and innovation [2] - The deal is expected to close sometime this year if all approvals are obtained [2]