Why Are Hollysys Automation Tech Shares Trading Higher Today?

Hollysys Automation Technologies Ltd's HOLI board is evaluating a non-binding offer from Zhejiang Longsheng Group Co., Ltd. and Loyal Valley Innovation Capital (HK) Limited (collectively, the "Lonsen Consortium").
Hollysys received the offer to acquire the company's outstanding shares on September 10 for $24 per share in cash, implying a 23.2% premium on that day's closing price.
The Lonsen Consortium reaffirmed its interest to pursue the takeover as Hollysys announced an auditor change on November 2. Thus, the board has agreed to provide additional information to facilitate the Lonsen Consortium's due diligence. to enable it to submit a binding offer or enter potentially
The board also confirmed with the Emerald Consortium their continued interest in a potential acquisition of the company.
Hollysys engaged Union Power HK CPA Limited as its independent auditor succeeding Ernst & Young Hua Ming LLP.
Price Action: HOLI shares traded higher by 11% at $16.94 in the market session on the last check Monday.