Traffic camera group Redflex Holdings's former chairman Chris Cooper appears to be on the brink of winning fellow shareholders an increase in the $2.70 a share offer from bidders Carlyle Group and Macquarie.
Mr Cooper and other shareholders, who control sufficient shares to block the proposed Carlyle/Macquarie merger vote next week, were understood to be unhappy with the effect of Australia's strong dollar on the bid.
Redflex this morning called a halt to trading in its shares and, after two attempts at explaining why, revealed "a potential change to the previously announced scheme" was in the offing.
While the bid for the maker and monitor of speed and red light cameras is pitched at $2.70 a share, it is actually pegged to the perceived value of its substantial US-based operations in US dollars.
That means that the $2.70 is only on offer while the exchange rate is between $US98 cents and $US1.02.
Either side of those numbers is a sliding scale, and based on the current diminished Australian dollar rate of $US1.07, is worth only $2.57 a share.
Redflex said the trading halt could last until the market close tomorrow.
