Hollysys Receives Notices of Intention to Request Special Meeting of Shareholders and Additionally an Unsolicited Offer from Recco Control Technology and Dazheng Group to Acquire the Company at $25.00/Share in cash.
Portfolio Pulse from Benzinga Newsdesk
Hollysys Automation Technologies Ltd. (NASDAQ:HOLI) has received notices of intention from certain shareholders to request a special meeting to consider proposed amendments to the company's Articles, including increasing the board size from five to eleven directors. Additionally, the company received an unsolicited, non-binding offer from Recco Control Technology and Dazheng Group to acquire all issued and outstanding shares at $25.00 per share in cash.
September 05, 2023 | 10:02 am
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Hollysys has received a proposal to increase its board size and an acquisition offer from Recco Control Technology and Dazheng Group at $25.00 per share in cash. This could potentially lead to changes in the company's governance and ownership.
The news directly pertains to Hollysys as it involves potential changes in its board and ownership. The acquisition offer, if accepted, could lead to a significant increase in the company's stock price in the short term. However, the non-binding nature of the offer and the potential board changes introduce uncertainty.
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