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- Hollysys Automation Technologies (NASDAQ:HOLI) shares jumped 10% premarket after Recco Control Technology and Dazheng Group (Hong Kong) Investment Holdings Company Limited, as certain members of the buyer consortium has submitted a non-binding proposal to acquire the company in an all-cash transaction.
- As per the offer, Hollysys shareholders would receive $25 per share in cash, representing a 69.4% premium over company's closing share price of $14.76 on January 21, 2022, a premium of 75.5% over the volume-weighted average closing share price during the 30 trading days prior to January 22, 2022, and a premium of 51.7% over the volume-weighted average closing share price during the 180 trading days prior to January 22, 2022.
- There can be no assurance that any agreement could be reached between the parties.
- This Proposal is superior to the $23 per share proposal made by Superior Emerald (Cayman) Limited and Mr. Changli Wang on July 20, 2021 and the $24 per share proposal made by Zhejiang Longsheng Group Co., Ltd. and Loyal Valley Innovation Capital Limited on September 10, 2021
- Earlier the company has been evaluating a $24/share takeover offer from September from the Lonsen Consortium.