Hollysys Automation Technologies Ltd HOLI shares are trading higher today as the company got an increased acquisition offer from a buyer Consortium led by Dazheng Group Acquisition Limited.
The consortium intends to buy HOLI for $29.00 per share or about $1.8 billion in cash.
The acquisition cost represents a 55.5% premium to HOLI's closing share price of $18.66 on August 23, 2023, and a 40.8% premium to its closing share price of $20.60 on November 3, 2023.
Notably, the new acquisition price represents a 9.4% increase on the consortium's previous offer of $26.50 per share (November 8, 2023) and represents a 9.4% higher offer price than Ascendent's competing offer.
The consortium is aiming to engage with HOLI's Board, conclude the due diligence process, and pen a merger agreement before January 22, 2024.
In October, HOLI announced the formation of a special committee of the board of directors to conduct a formal sale process.
Price Action: HOLI shares are trading higher by 6.19% at $27.10 on the last check Friday.
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