Hollysys Announces Shareholder Meeting to Vote on Acquisition by Ascendent Capital Partners
BEIJING, Jan. 5, 2024 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company") today announced that it will hold an extraordinary general meeting (the "EGM") of shareholders on Thursday, February 8, 2024 at 10:00 a.m. Hong Kong time, to consider and vote on, among other things, the proposal to authorize and approve the previously announced merger agreement (the "Merger Agreement") pursuant to which a buyer controlled by Ascendent Capital Partners ("Ascendent"), an international private investment firm headquartered in Hong Kong, will acquire all outstanding shares of Hollysys that it does not currently own for US$26.50 per share in cash.
- Over the course of several months, the Special Committee conducted an extensive and competitive process and received several competing proposals to acquire the Company.
- On December 11, 2023, the Company announced an agreement to be acquired by Ascendent for US$26.50 per share.
- During a "go-shop" period provided for in the Merger Agreement, the Company solicited and encouraged other acquisition proposals.
- In addition, the Company's proxy materials, including the proxy statement, will be mailed to the shareholders of the Company.