Slow auction of Sirit continues - FS ups offer again

Federal Signal have found yet more value in Sirit upping their offer a second time this week - this time to 46c/share 3c or 7% more in an apparent bidding war with a mystery rival for control of the Toronto based electronic toller. Sirit management have been locked in to support for the FS takeover from the beginning, but they only control 25% of the stock.

The offer is now worth C$74m, about US$70m. A couple of months ago the company was trading at a capitalization of a mere C$29m, US$27m.

At this rate it will be a billion-$ company by the summer?

WANTED: a tip on the shadowy rival. We're tempted to guess...

TOLLROADSnews 2010-02-24