Shares of Hollysys Automation Technologies (NASDAQ: HOLI) jumped by as much as 17.8% in trading Tuesday after the company received a buyout offer. Shares were up by 13.9% at 3:20 p.m. EDT and holding fairly steady.
Management disclosed in an SEC filing that they have received a non-binding acquisition offer from a consortium group that includes co-founder and former CEO Baiquing Shao. The bid is for $15.47 per share, which is still about 8.5% higher than where shares were trading late Tuesday afternoon.
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Why Hollysys Automation Technologies Shares Popped 17.8% Today