Hollysys rises after getting China’s approval on Ascendent merger

Hollysys Automation Technologies

01/07/2024 13:33

** U.S.-listed shares of Chinese automation control system
provider Hollysys Automation Technologies  HOLI.F  rise 17.8% to
$25.50 premarket
    ** Hong Kong-based private equity firm Ascendent Capital
Partners said its affiliate Superior Technologies Holding Ltd
obtained all required approvals in China to complete merger, in
exchange filing
    ** HOLI's shareholders, in February, voted in favor of
merger with Ascendent, which already owns 13.7% stake in co, to
acquire outstanding HOLI shares at $26.5 each in $1.66 bln deal
    ** Stock had fallen ~18% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))