Hollysys Automation rises on Ascendent Capital's buyout offer

Hollysys Automation Technologies

06/11/2023 18:04

** U.S.-listed shares of automation and control technology
provider Hollysys Automation Technologies  HOLI.F  rise 6.3% to
$21.89
    ** Shares hit over 4 1/2-year high
    ** China-based Ascendent Capital expresses intention to buy
Hollysys for non-binding, all-cash offer of $26 per share, as
per SEC filing
    ** Ascendent Capital Partners discloses 13.7% stake in
Hollysys as of Oct. 25, in the filing, making it the single
largest shareholder
    ** Proposed offer from Ascendent Capital values Hollysys at
about $1.61 bln
    ** Shares of U.S.-listed HOLI up 33.4% YTD 

 (Reporting by Vedant Vinayak Vichare in Bengaluru)
 ((vedant.vinayakvichare@thomsonreuters.com))