A group of shareholders in Hollysys Automation Technologies Ltd. is exploring ways to ramp up pressure on the Chinese industrial company’s board to formally consider alternative takeover offers, people with knowledge of the matter said.
The group, which includes hedge funds and other institutional investors, is considering pushing for an extraordinary general meeting of shareholders, the people said. It may seek to nominate new directors to replace some current board members, the people said, asking not to be identified because the information is private.
Hollysys earlier this month received a fresh bid from an investor consortium in a deal that values the firm at about $1.6 billion, Bloomberg News has reported. The bidding group, led by privately-held Recco Control Technology Pte and Hong Kong-based Dazheng Group Investment Holdings Co., has reaffirmed an all-cash offer of $25 per share for Hollysys that it first made in 2021.
Hollysys management has added Huarong Asset Management and Citic Private Equity to another consortium weighing a management buyout of the Chinese firm, DealReporter reported last week, citing unidentified people. The transaction is expected to launch in September, the report said. Shares of Hollysys have risen about 13% this year, giving it a market value of around $1.2 billion. The stock closed at $18.63 per share on Tuesday. A representative for Hollysys didn’t immediately respond to requests for comment.
Founded in 1993, Hollysys provides integrated solutions for industrial automation and rail transport, according to its website. It’s worked on more than 40,000 projects in sectors including power and petrochemicals, as well as both high-speed and urban rail.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
French ambassador will stay in Niger, despite pressure from junta to leave, Macron saysMacron reiterates France’s support to Niger’s ousted president Mohamed Bazoum, whose decision not to resign Macron called courageous
Read more »
DEAR ABBY: Reluctant user decries society's tech pressureDEAR ABBY: Can people in this society PLEASE stop assuming that everyone has a smartphone?
Read more »
Dollar eases against euro as investors ponder rate paths, China's stamp dutyKitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
Read more »
Four gold stocks that's a treasure trove for ESG-focused investorsKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Read more »
Bitcoin: Key takeaways for BTC investors from the BlackRock updateBlackRock showed confidence in Bitcoin as it became the second-largest shareholder in four top Bitcoin mining firms
Read more »
Bitcoin price chops around $26k as investors await key inflation and jobs dataSideways price action continued for the cryptocurrency market on Monday as investors await key inflation and jobs data arriving on Thursday and Friday.
Read more »