Here’s why the Redflex (ASX:RDF) share price rocketed 122% higher today

The Redflex Holdings Limited (ASX: RDF) share price has been an incredibly strong performer on Friday.

The innovative intelligent transport solutions (ITS) technology company’s shares were up as much as 122% to a multi-year high of 89 cents at one stage.

At the time of writing, the Redflex share price is up 115% to 86 cents.

Why has the Redflex share price doubled in value today?

Investors have been fighting to get hold of Redflex shares today after it announced the receipt of a takeover approach.

According to the release, the company has entered into a binding scheme implementation agreement with Nasdaq-listed Verra Mobility Corporation.

This agreement will see Verra Mobility acquire 100% of the share capital of Redflex by way…