The BVI takeover structure and Hollysys’ undemanding valuation facilitate a competitive bidding process. A 10% uplift to the current highest offer (Recco’s US$26.50 offer) is possible.
Boomeranged on Mon, 27 Nov 2023 14:48
An SEC filing on Friday disclosed that Ascendent Capital (13.7% shareholder) entered a confidentiality agreement with Hollysys, which includes a standstill provision, such that it cannot publicly commence any offer to acquire (i) 15% or more of outstanding shares or (ii) 15% or more of the assets. The development suggests that the Board is serious about securing a binding proposal.
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