Hollysys rises following $1.66 bln take-private deal

Hollysys Automation Technologies

11/12/2023 14:55

** U.S. listed shares of China-based automation control
system solutions provider Hollysys  HOLI.F  rise 7.67% to $24.44
    ** Co reaches an agreement to be acquired by Hong Kong-based
private investment firm Ascendent Capital Partners, in an
all-cash transaction valued at $1.66 bln 
    ** Ascendent to acquire all outstanding shares of Hollysys 
for $26.50 per share in cash, representing a 42% premium to the
unaffected price of $18.66 as of August 23, 2023 
    ** Co's board of directors have given their unanimous
approval for the transaction, but deal still subject to
shareholders and regulatory approvals 
    ** Up to last close, HOLI up 38.16% YTD 
 

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.parmar@thomsonreuters.com))