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

Iteris (NASDAQ:ITI) stock is soaring higher on Friday after the intelligent transportation systems technology solutions company announced a new acquisition deal. This will see Iteris be acquired by the private digital innovation group Almaviva. It will use cash to purchase Iteris for $335 million. That offer has Almaviva valuing shares of ITI stock at $7.20 each. This represents a roughly 68% premium to the stock's prior closing price. Joe Bergera, president and CEO of Iteris, said the following about the d ...