China's Hollysys Automation jumps as co says reviewing takeover bids

Hollysys Automation Technologies

02/08/2021 22:39

** Chinese industrial automation equipment maker's
U.S.-listed shares  HOLI.O  jump ~21% to $18.72 in extended
trade
    ** Says co in process of evaluating offer from Superior
Emerald (Cayman) Ltd to buy all of its outstanding shares
for$23/per share in cash, representing a premium of ~48% to
HOLI's last close
    ** In January, HOLI rejected a takeover proposal received in
December from a consortium of largest shareholders, Chairman
Baiqing Shao, Ace Lead Profits Ltd and CPE Funds Management Ltd
to buy the co' shares for $15.47 apiece in cash
    ** The consortium then submitted a revised offer to HOLI's
board in February, raising the price to $17.10 per share in cash
 urn:newsml:reuters.com:*:nL4N2K73UJ
    ** "The company's board of directors will continue to
evaluate and consider both the Emerald offer and the CPE offer
and will consult with its financial advisor and legal counsel
regarding its evaluation and consideration of such offers" -
HOLI

 (Reporting by Akanksha Rana)