HOLI - Hollysys Automation gains amid report of management-led buyout talks

2023-06-06 09:55:03 ET

• Hollysys Automation Technologies ( NASDAQ: HOLI ) rose 7.6% amid a report that the company's management has teamed up with CITIC Group for a $1.6 billion buyout of the Chinese automation control system firm.
• The Hollysys ( HOLI ) management team is expected to take a majority stake in the buying consortium, while a party affiliated with CITIC will have a minority stake, according to a Dealreporter item on Monday, which cited sources familiar. The consortium is in talks with mainland lenders for bridge loan financing.
• The latest update comes after Reuters reported in September that the automation and control maker was said to be nearing an agreement to be sold to a consortium, including Hollysys ( HOLI ) CEO Wang Changli, in a deal valued at $1.8 billion, or $29 per share.

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