With the shares now languishing at near decade lows it is hard to believe that in 2009 the Redflex board rejected buyout offers above $3.50 per share. In 2011, Macquarie Group (ASX: MQG) in conjunction with Carlyle Group, made a $2.75 per share offer, which was put to shareholders, who in turn overwhelmingly voted to reject the buyout. Macquarie Group still sits on the shareholder register with a 20% stake, however wealth manager IOOF Holdings (ASX: IFL) and fund manager Hunter Hall International (ASX: HHL) have both sold down their holdings to below 5% since the latest round of bad news.
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