Ascendent Wins Shareholder Support To Acquire All Outstanding Shares Of Hollysys Automation Technologies, That It Does Not Currently Own For $26.50 Per Share In Cash
Portfolio Pulse from Benzinga Newsdesk
Ascendent Capital Partners has won shareholder approval to acquire all outstanding shares of Hollysys Automation Technologies Ltd. (NASDAQ:HOLI) for $26.50 per share in cash. Approximately 86.94% of voting shareholders approved the acquisition, with 76.95% of shareholders voting. Ascendent aims to secure regulatory approvals and close the acquisition swiftly. The acquisition marks a significant milestone for Hollysys, highlighting the value offered to shareholders and the effectiveness of the sale process.
February 08, 2024 | 12:29 pm
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POSITIVE IMPACT
Hollysys Automation Technologies Ltd. (HOLI) shareholders approve acquisition by Ascendent Capital Partners for $26.50 per share in cash, indicating strong shareholder support and a significant premium on the stock's current trading price.
The approval of the acquisition by a significant majority of Hollysys shareholders at a cash price of $26.50 per share suggests a positive outlook for the stock in the short term. This price likely represents a premium over the current trading price, which could lead to an increase in the stock price as the market adjusts to the acquisition news. The strong shareholder support and the commitment to secure regulatory approvals swiftly further bolster the positive impact on the stock.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100