Refile: UPDATE 1-Hollysys shareholders approve merger with Ascendent Capital affiliates

Hollysys Automation Technologies

08/02/2024 11:31

(Fixes typo in headline)
       Feb 8 (Reuters) - Hollysys Automation Technologies Ltd.
 HOLI.F  said on Thursday its shareholders voted in favor of a
merger with private equity firm Ascendent Capital Partners.
    The U.S. listed Chinese automation control system provider
said last year it had agreed that Ascendent Capital, which
already owns a 13.7% stake in the company, will acquire the
outstanding Hollysys shares at $26.5 each in a deal valued
around $1.66 billion.
    Superior Technologies Mergersub Limited, which is affiliated
with Ascendent Capital, will merge into Hollysys, and Hollysys
will become a wholly owned unit of Superior Technologies Holding
Limited, another Ascendent affiliate, according to a Hollysys
statement.
    Hollysys has attracted several takeover suitors over the
past years. That included a $29.50 per share offer last month
from a consortium led by China's Dazheng Group, which Hollysys'
special committee rejected due to issues such as concerns over
Dazheng's equity financing. 
    Founded in 1993, the Beijing-based Hollysys offers
automation solutions and control systems that have been used in
areas from rail transport to nuclear power plants, the company's
website showed. It also offers cyber security solutions for
industrial use.
   

 (Reporting by Gnaneshwar Rajan in Bengaluru and Roxanne Liu in
Beijing; Editing by Janane Venkatraman, Elaine Hardcastle
)
 ((Gnaneshwar.Rajan@thomsonreuters.com;))