Hollysys Automation Technologies shares are trading higher after the company announced that it reached an agreement to be acquired by Ascendent Capital Partners through an all-cash transaction valued at approximately $1.66 billion.
Portfolio Pulse from Benzinga Newsdesk
Hollysys Automation Technologies (HOLI) shares surged following the announcement of an acquisition agreement with Ascendent Capital Partners. The deal is an all-cash transaction valued at around $1.66 billion.
December 11, 2023 | 5:08 pm
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Hollysys Automation Technologies' stock is expected to rise in the short term due to the acquisition agreement with Ascendent Capital Partners for $1.66 billion in cash.
Acquisition announcements typically lead to an increase in the stock price of the company being acquired, as the offer price usually represents a premium over the current market price. The all-cash nature of the deal adds certainty to the transaction, which is positive for shareholders.
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