Brief: Dazheng Group Says Buyer Consortium Led By Dazheng Group Announces Enhanced All-Cash Proposal Of US$29.00 Per Share To Acquire Hollysys

Hollysys Automation Technologies

24/12/2023 19:50

Dec 24 (Reuters) - Hollysys Automation Technologies Ltd
 HOLI.F :
    * BUYER CONSORTIUM LED BY DAZHENG GROUP ANNOUNCES ENHANCED
ALL-CASH PROPOSAL OF US$29.00 PER SHARE TO ACQUIRE HOLLYSYS
    * DAZHENG GROUP - ENHANCED PROPOSAL IS 9.4% HIGHER THAN
ASCENDENT
CAPITAL OFFER AND IS BACKED BY SECURED FINANCING
    * DAZHENG GROUP - CONSORTIUM HAS FULL CONFIDENCE THAT
HOLLYSYS
BOARD WILL DEEM ITS ENHANCED PROPOSAL SUPERIOR AND REMAINS READY
TO ENTER INTO A MERGER AGREEMENT
    * DAZHENG GROUP ACQUISITION - CONSORTIUM STANDS READY TO
ENGAGE
WITH HOLLYSYS BOARD, CONCLUDE DUE DILIGENCE PROCESS, SIGN MERGER
AGREEMENT PRIOR JAN 22
    * DAZHENG GROUP ACQUISITION -  HAVE SECURED DEBT FINANCING.
EQUITY
FUNDING HAS ALSO BEEN ARRANGED FROM CONSORTIUM MEMBERS AND
EQUITY FINANCING PARTNERS

Source text for Eikon:  ID:nBw6WltSJa 
Further company coverage:  HOLI.F 

 ((Reuters.Briefs@thomsonreuters.com;))