HOLI - HollySys' shares surge after update on acquisition offers

HollySys Automation Technologies (NASDAQ:HOLI) has surged 10.68% pre-market after its Board of Directors provided update on non-binding offers received from potential buyer consortium. The Board is currently evaluating a offer from Zhejiang Longsheng Group and Loyal Valley Innovation Capital (HK), collectively known as the Lonsen Consortium. The offer, made on September 10, 2021, proposes to acquire all of the outstanding ordinary shares of the company for $24.00/share in cash. Following the company’s public announcement on November 2, 2021 regarding the change of its auditor, the consortium has reaffirmed its interest to pursue the proposed deal, which is subject to due diligence. The Board will provide additional information to facilitate the process to enable the consortium to potentially submit a binding offer or enter into definitive agreements with respect to the transaction. Additionally, the Board also confirmed with the Emerald Consortium their continued interest in a potential acquisition of the company and the

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HollySys' shares surge after update on acquisition offers