Hollysys shares jump after receiving non-binding offer to be acquired for $25/share

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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.

Comments

[microcapguy]

seems it would be important to note that the company has decided it is not currently considering a sale of the Company and thus will suspend further evaluation of all unsolicited buyout proposals that the Company has received.
www.sec.gov/...

[Peder Steen Jensen]

The offers are starting to look pretty attractive

[Paddymcilvenna]

@Peder Steen Jensen but also increasingly well timed after lack of movement in the stock after the prior offer. Bit suspicious..

[mrwangting]

@Paddymcilvenna Beijing, China – January 24, 2022 – Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys” or the “Company”), a leading provider of automation and control technologies and applications in China, announced today that its board of directors (the “Board”), after careful review and consideration with the assistance of its executive management team as well as external financial and legal advisors, has resolved that it is not currently considering a sale of the Company and thus will suspend further evaluation of all unsolicited buyout proposals that the Company has received.

[Paddymcilvenna]

@mrwangting Bizarre !!