Hollysys Shares Gain As It Receives Superior Emerald's Takeover Offer For $23/Share

Automation and control technologies and applications provider Hollysys Automation Technologies Ltd's HOLI board is evaluating a non-binding offer from Superior Emerald (Cayman) Limited, controlled by Ascendent Capital Partners, and Mr. Changli Wang, the founder of the company.
Hollysys received the offer on Jul. 20 to acquire the shares for $23.00 per share in cash. The offer price implies a 61.9% premium to Hollysys Jun. 28 closing price of $14.21, the last trading day before receiving the first takeover offer.
It follows an offer from CPE Funds Management Limited, Mr. Shao Baiqing, and Ace Lead Profits Limited to acquire the shares for $17.10 per share in cash as disclosed in Jun. 29. The offer price implied a 20.3% premium to Hollysys Jun. 28 closing price of $14.21.
Price action: HOLI shares traded higher by 18.1% at $18.30 in the premarket session on the last check Tuesday.