Hollysys Automation Technologies Ltd HOLI shares are trading higher today as the company got an increased acquisition offer from a buyer Consortium led by Dazheng Group Acquisition Limited.
The consortium intends to buy HOLI for $29.00 per share or about $1.8 billion in cash.
The acquisition cost represents a 55.5% premium to HOLI's closing share price of $18.66 on August 23, 2023, and a 40.8% premium to its closing share price of $20.60 on November 3, 2023.
Notably, the new acquisition price represents a 9.4% increase on the consortium's previous offer of $26.50 per share (November 8, 2023) and represents a 9.4% higher offer price than Ascendent's competing offer.
The consortium is aiming to engage with HOLI's Board, conclude the due diligence process, and pen a merger agreement before January 22, 2024.
In October, HOLI announced the formation of a special committee of the board of directors to conduct a formal sale process.
Price Action: HOLI shares are trading higher by 6.19% at $27.10 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
