In today’s briefing:
- Hollysys (HOLI US): Questionable Process Results in Ascendent’s Winning US$26.50 Bid
- Closing HOLI, PBR-A and 1669
- SES AI Corp. – Battery World on December 12 at 9:00 Am ET
Hollysys (HOLI US): Questionable Process Results in Ascendent’s Winning US$26.50 Bid
- Hollysys Automation Technologies (HOLI US) has agreed to be acquired by Ascendent Capital, the largest shareholder, for US$26.50, a 16.7% premium to the last close.
- The Board’s claims of realising the highest shareholder value are not credible. The Board fails to explain why Ascendent’s offer is superior to Recco’s, although both have the same value.
- Deal fatigue (the process first started in December 2020) and the 42% premium to the undisturbed price suggests meeting the simple majority threshold for a statutory merger is achievable.
Closing HOLI, PBR-A and 1669
- News came out today that Hollysys (HOLI) is being acquired by Ascendant for $26.5/share . So I sold my shares for $24.74 today.
- And closing this at $24.88. Only a 7% spread, and there could be some delays before this closes.
- Was a nice trade and a 43% gain since dedicating a full write-up to it in July this year.
SES AI Corp. – Battery World on December 12 at 9:00 Am ET
- SES AI Corp. will be hosting its third annual Battery World event on December 12, 2023, at 9:00 am ET.
- SES develops and produces high-performance, Li- Metal rechargeable batteries for electric vehicles (EVs) and other applications.
- During Battery World, the company is expected to announce the world’s inaugural B-sample Joint Development Agreement with a prominent automotive OEM.
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