Buyer Consortium Led by Recco Control Technology And Dazheng Group Urges The Directors Of Hollysys To Convene The Special Meeting Of Shareholders And The Special Committee To Move Forward With A Transparent And Genuine Sale Process
Portfolio Pulse from Benzinga Newsdesk
A buyer consortium led by Recco Control Technology and Dazheng Group is urging Hollysys Automation Technologies Ltd. (HOLI) to proceed with a transparent sale process. The consortium, which includes TFI Asset Management and Great Wall Capital, has offered $26.50 per share, valuing Hollysys at approximately $1.64 billion. They request the Special Committee to evaluate this offer and allow due diligence. Shareholders holding over 30% of Hollysys, including Ascendent Capital Partners with 13.7%, demand a special meeting. The consortium is concerned about the board's refusal to convene this meeting and questions the directors' accountability.
November 13, 2023 | 2:59 pm
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Hollysys Automation Technologies is being urged by a consortium to move forward with a sale process after a $26.50/share offer. Shareholders are demanding a special meeting, questioning the board's accountability.
The consortium's offer to purchase Hollysys at $26.50 per share is likely to create upward pressure on the stock price in the short term, as it represents a tangible acquisition interest. The call for a special meeting by shareholders, including Ascendent Capital Partners, adds to the urgency and could lead to increased investor attention and potential stock volatility. The board's response to these actions will be critical in determining the short-term price movement.
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