Dazheng Group consortium announces bid to buy Hollysys Automation for $1.8 billion (updated)

Hollysys Automation Technologies

24/12/2023 20:33

(Adds details from the statement in paragraph 2, background in
paragraphs 3-4)
       Dec 24 (Reuters) - A consortium led by China's Dazheng
Group Acquisition has announced a bid to acquire automation and
control technology provider Hollysys Automation Technologies
 HOLI.F  in an all-cash transaction valued at $1.8 billion,
according to a statement on Sunday.
    The consortium, which includes TFI Asset Management and GA
Technologies, said it would acquire all outstanding shares of
Hollysys it does not already own for $29 per share in cash.
    The proposal is 9.4% higher than the buyout offer made by
Hong Kong-based Ascendent Capital on Dec. 11
    In August, a consortium led by Recco Control Technology and
Dazheng Group made an all-cash offer of $25 per share to buy the
company.
    Hollysys Automation did not immediately respond to a request
for comment outside of office hours.
    

 (Reporting by Anirudh Saligrama in Bengaluru
Editing by Nick Zieminski and Matthew Lewis)
 ((Anirudh.Saligrama@thomsonreuters.com; @journoanirudh on
Twitter;))