In today’s briefing:
- Hollysys (HOLI US): Dazheng Ups the Ante with a US$29.00 Competing Offer
Hollysys (HOLI US): Dazheng Ups the Ante with a US$29.00 Competing Offer
- Dazheng (without Recco) has returned with a revised US$29.00 offer for Hollysys Automation Technologies (HOLI US), 9.4% higher than Ascendent Capital’s US$26.50 binding offer.
- While Dazheng’s proposal represents an all-time high, it would likely not be a superior proposal based on the Ascendent merger agreement due to the clauses on financing and due diligence.
- Nevertheless, to avoid the high risk that shareholders vote down the Ascendent offer and/or there are substantial dissenting shareholders, the Board will likely ask Ascendent to match Dazheng’s offer.
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