HOLI - Hollysys' rejects going private proposal

Hollysys Automation Technologies (HOLI) board rejects unsolicited offer made by Mr. Baiqing Shao, CPE Funds Management and purportedly on behalf of Ace Lead Profits to take company private for $15.47/share in cash, stating that the offer undervalues the Company and is not in the best interest of the shareholders.In another event, certain members of management team expect to purchase shares in an aggregate value of up to US$50 million over a six-month period. Shares purchased will have a voluntary lock-up period of at least 24 months. HOLI +3.4% premarket to $15.2Source: Press Release

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Hollysys' rejects going private proposal