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

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.