China's Hollysys considers $1.5 bln buyout bid; U.S.-listed shares up

Hollysys Automation Technologies

02/10/2023 14:02

** U.S.-listed shares of electrical components provider
Hollysys Automation Technologies  HOLI.O  rise 4.6% to $20.8
premarket as co considers takeover bid  
    ** The Chinese co says it has set up a committee of three
independent directors to conduct a formal sale process 
    ** Committee to consider $1.55 bln takeover offer from a
consortium led by Recco Control Technology and Dazheng Group
Investment Holdings at $25/shr 
    ** HOLI to also look at other offers, will delist from the
Nasdaq if a sale goes ahead
    ** Reuters reported last month, that a consortium led by
co's management has proposed to buyout co in a deal valued at
$1.8 bln 
    ** HOLI up 20.8% YTD

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))