Hollsys Automation Acquired by Dazheng Group for $1.8 Billion

According to a statement issued on Dec 24, a consortium led by China's Dazheng Group Acquisition has announced a bid to acquire Hollysys Automation Technologies in an all-cash transaction valued at $1.8 billion. The consortium, which includes TFI Asset Management and GA Technologies, stated that it would pay $29 per share in cash for all outstanding shares of Hollysys that it does not already own.

The offer is 9.4% higher than the one made by Hong Kong-based Ascendent Capital on December 11th. Recco Control Technology and Dazheng Group led a consortium that made an all-cash offer of $25 per share to buy the company in August.

Hollysys is a leading provider of automation control system solutions in China, with overseas operations in eight other Asian countries and regions. Hollysys provides its customers with enhanced operational safety, reliability, efficiency, and intelligence by leveraging proprietary technology and deep industry knowledge.