By Sherry Qin
A consortium led by Dazheng Group Acquisition submitted a higher all-cash offer to acquire Hollysys Automation Technologies for $1.8 billion, a move aimed at blocking the sale of the automation control system solutions provider to private investment firm Ascendent Capital Partners.
The consortium, which includes TFI Asset Management and GA Technologies, offered to buy all outstanding shares of China-based Hollysys it doesn’t already own for $29 a share, it said in a statement. Its Dec. 24 offer is 9.4% higher than the buyout proposal by Hong Kong-based Ascendent Capital on Dec. 11.
“Ascendent Capital’s proposal does not represent the best value for shareholders,” the consortium said.
Hollysys agreed to be acquired by Ascendent earlier this month, saying that the board has unanimously approved the $1.66 billion deal.
Hollysys shares closed at $25.52 on Friday, having gained 55% this year.
Write to Sherry Qin at sherry.qin@wsj.com
