Hollysys Shares Pop On Receipt Of Takeover Offer At 69.4% Premium

January 24, 2022 6:13 AM | 1 min read |

Buyer consortium led by Recco Control Technology Pte Ltd and Dazheng Group (Hong Kong) Investment Holdings Company Limited disclosed submitting a non-binding proposal to acquire Hollysys Automation Technologies Ltd HOLI in an all-cash transaction.
As per the proposal, Hollysys shareholders would receive $25 per share in cash, representing a 69.4% premium over Hollysys' January 21 closing price of $14.76.
Earlier this month, Hollysys appointed founder Dr. Changli Wang as its CEO upon the resignation of Chit Nim (Colin) Sung.
Hollysys is a China-based company that provides automation and control technologies and products.
Price Action: HOLI shares traded higher by 10.4% at $16.30 in the premarket session on the last check Monday.