Ascendent Capital to buy Hollysys Automation in deal valued at $1.66 bln (updated)

Hollysys Automation Technologies

11/12/2023 14:48

(Adds deal details in paragraphs 2-3)
       Dec 11 (Reuters) - Hollysys Automation Technologies
 HOLI.F  said on Monday it has reached an agreement to be
acquired by Hong Kong-based Ascendent Capital in an all-cash
transaction valued at about $1.66 billion, sending its shares up
8%.
    Ascendent, which already owns a 13.7% stake, will acquire
all outstanding shares of Hollysys it does not already own for
$26.50 per share in cash.
    The price represents a premium of 42% to Hollysys' close on
Aug. 23, a day before a consortium led by Recco Control
Technology and Dazheng Group disclosed a $25 per share buyout
proposal.

 (Reporting by Aishwarya Jain in Bengaluru; Editing by Shounak
Dasgupta)
 ((Aishwarya.Jain@thomsonreuters.com))