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Saturday, January 21, 2023 5:30:00 AM
Hollysys Shares Soar As Management-Led Consortium Reportedly Weighs Offer At 71% Premium
A consortium led by China's Hollysys Automation Technologies, Ltd's (NASDAQ: HOLI) management aims to take the U.S.-listed automation and control system maker private in a deal at a $1.8 billion valuation, Reuters reports.
The consortium plans to offer about $29 per share, representing a premium of 71% to the firm's September 1 closing price of $16.96.
The management team, led by founder and CEO Wang Changli, has won endorsement for the deal from the municipal government of Beijing.
Recently, a consortium led by Recco Control Technology and Dazheng Group, reaffirmed its non-binding indicative all-cash offer of $25 per share to acquire Hollysys, which was first sent to the board on December 3, 2021, and publicly announced on January 24, 2022.
Related: Hollysys Shares Pop On Receipt Of Takeover Offer At 69.4% Premium
The Reuters report added that the consortium viewed Hollysys, listed in New York in 2008, as undervalued in the U.S. market.
The consortium aims to bring several financial investors into the deal, including U.S. private equity firm Warburg Pincus and Chinese venture capital firm Legend Capital.
The consortium has also held talks with banks to finance the deal and is about to secure loans worth at least $1 billion from Chinese lenders, led by ICBC (Asia).
Price Action: HOLI shares traded higher by 23.8% at $21 in the premarket on the last check Friday.
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Recent HOLI News
- Hollysys Announces Completion of Regulatory Review of Merger Transaction • PR Newswire (US) • 07/02/2024 01:05:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/03/2024 11:28:55 AM
- Hollysys Announces Appointment of New Auditor • PR Newswire (US) • 06/03/2024 10:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/22/2024 01:14:27 PM
- Hollysys CEO Informs Company of Recent Share Sales • PR Newswire (US) • 05/22/2024 01:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/21/2024 08:16:54 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/16/2024 09:01:09 PM
- Hollysys Automation Technologies Reports Unaudited Financial Results for the Third Quarter and the First Nine Months Ended March 31, 2024 • PR Newswire (US) • 05/16/2024 09:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/07/2024 10:00:50 PM
- Hollysys Automation Technologies Reports Unaudited Financial Results for the Second Quarter and the First Half Year Ended December 31, 2023 • PR Newswire (US) • 03/07/2024 10:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 09:04:57 PM
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- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/08/2024 12:35:57 PM
- Hollysys Announces Shareholder Approval of Merger Agreement with Ascendent • PR Newswire (US) • 02/08/2024 10:52:00 AM
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- Hollysys Recommends Shareholders Vote FOR Ascendent Transaction to Secure Compelling Value • PR Newswire (US) • 01/31/2024 02:15:00 PM
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- Hollysys Reiterates Strong Support for Ascendent Deal; Provides Update on Engagement with Dazheng • PR Newswire (US) • 01/30/2024 01:00:00 AM
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- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/05/2024 09:02:28 PM
- Hollysys Announces Shareholder Meeting to Vote on Acquisition by Ascendent Capital Partners • PR Newswire (US) • 01/05/2024 02:21:00 PM
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