Global Traffic Network provides traffic reports to radio and TV stations outside the United States, so it won’t have anything to offer to the radio stations that Merlin Media is buying (and already programs) in New York and Chicago. But what they do have in common is the same private equity firm as their main investor.
Chicago-based GTCR LLC announced that it had struck a deal to buy Global Traffic Network for $14 per share in cash. That may not be the final word, since the stock shot up as high as $14.35 on Nasdaq after the buyout deal was announced. Approval by a majority of shareholders is required.
As you would expect, class action law firms are tripping over each other soliciting clients to sue over the deal – pressing for more money.
By the way, you could have bought the stock a year ago for around five bucks.