Brief: Hollysys Says Reiterates Strong Support For Ascendent Deal And Provides Update On Engagement With Dazheng

Hollysys Automation Technologies

30/01/2024 01:08

Jan 29 (Reuters) - Hollysys Automation Technologies Ltd
 HOLI.F :
    * HOLLYSYS REITERATES STRONG SUPPORT FOR ASCENDENT DEAL;
PROVIDES
UPDATE ON ENGAGEMENT WITH DAZHENG
    * DAZHENG WAS UNABLE TO PROVIDE SUFFICIENT ASSURANCES AROUND
EQUITY FINANCING
    * SPECIAL COMMITTEE STRONGLY DISAGREES WITH FLAWED ISS AND
GLASS
LEWIS RECOMMENDATIONS
    * SPECIAL COMMITTEE CONCLUDED DAZHENG PROPOSAL WAS NOT
SUPERIOR
AFTER RIGOROUS NEGOTIATIONS
    * HOLLYSYS - LAST-MINUTE INTRODUCTION OF NEW MEMBER AFTER
MULTIPLE
CHANGES IN CONSORTIUM COMPOSITION RAISED FURTHER QUESTIONS THAT
COULD NOT BE RESOLVED
    * HOLLYSYS AUTOMATION TECHNOLOGIES- DOESN'T HAVE CONFIDENCE
IN
CERTAINTY OF DAZHENG'S EQUITY FINANCING NOR ITS ABILITY TO
SUCCESSFULLY CLOSE A TRANSACTION
    * BELIEVES THAT IT IS IMPERATIVE TO WORK TOWARD CLOSING
ACQUISITION BY ASCENDENT
    * HOLLYSYS - SPECIAL COMMITTEE HAS CONTINUED TO CONSIDER
APPROACHES, PROPOSALS OVER LAST FEW WEEKS, REMAINED OPEN TO
CONSIDERING SUPERIOR PROPOSAL
    * HOLLYSYS - ISS ACKNOWLEDGES THAT ASCENDENT'S PROPOSAL IS
AT
SIZEABLE PREMIUM AND IF THERE IS NO TRANSACTION CO'S SHARE PRICE
IS LIKELY TO FALL
    * RECOMMENDS THAT SHAREHOLDERS VOTE FOR ASCENDENT
ACQUISITION AT
FEBRUARY 8, 2024 EXTRAORDINARY GENERAL MEETING
    * HOLLYSYS - A PROXY STATEMENT SUPPLEMENT DETAILING SPECIAL
COMMITTEE'S RECENT ENGAGEMENT WITH DAZHENG WILL BE FURNISHED
WITH U.S. SEC IN DUE COURSE

Source text for Eikon:  ID:nPn55M596a 
Further company coverage:  HOLI.F 

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