In today’s briefing:
- Hollysys (HOLI US): Dazheng Consortium “Trumps” Ascendent’s Bid
Hollysys (HOLI US): Dazheng Consortium “Trumps” Ascendent’s Bid
- On the 13 December, Bloomberg reported that the Recco-led group consortium was weighing a revised Offer to be “significantly higher than the $26.50-a-share cash offer from Ascendent Capital”
- On the 24 December, a buyer consortium led by Dazheng Group announced an all-cash proposal of US$29.00/share, a 9.4% premium to Ascendent’s Offer. “Credible” financing is in place.
- “The Consortium stands ready to engage with the Board“. The Board should engage. The one curious aspect of this latest Offer is the apparent absence of Recco’s involvement.
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