Published 08:40 IST, December 25th 2023
Dazheng-led consortium to buy Hollysys Automation for $1.8 billion
The consortium, consisting of TFI Asset Management and GA Technologies, intends to purchase all outstanding shares of Hollysys at $29 per share.
- Republic Business
- 1 min read
A consortium led by Dazheng Group from China has announced a proposal to acquire Hollysys Automation Technologies, a provider of automation and control technology, in an all-cash deal amounting to $1.8 billion, as stated in a release on Sunday.
The consortium, consisting of TFI Asset Management and GA Technologies, intends to purchase all outstanding shares of Hollysys at $29 per share in cash. This offer represents a 9.4 per cent increase compared to the buyout proposal put forth by Hong Kong-based Ascendent Capital on December 11.
In August, a consortium led by Recco Control Technology and Dazheng Group had made an all-cash offer of $25 per share to acquire the company.
(With Reuters inputs)
Updated 10:32 IST, December 25th 2023