Iteris, Inc.‘s (NASDAQ:ITI) stock surged Friday morning after private Italian digital innovation group Almaviva S.p.A. agreed to acquire the company in a $335 million all-cash deal. As per the terms, Iteris shareholders will receive $7.20 per share. The cash purchase price represents a 68% premium over Iteris’s closing share price on August 8, 2024. The Iteris Board of Directors unanimously approved the transaction and will recommend it to shareholders. The transaction, expected to close in 2024 pending Iteris shareholder approval, regulatory approvals, and other conditions, will be financed by ...