A company led by China’s Dazheng Company Acquisition has announced plans to acquire Hollysys Automation Technologies, a provider of automation and control technologies.
A group led by China’s Dazheng Group Acquisition has declared its intention to purchase automation and control technology supplier Hollysys Automation Technologies in an all-cash deal estimated to be worth $1.8 billion, according to a statement on Sunday.
The consortium, which also comprises GA Technologies and TFI Asset Management, announced that it would pay $29 in cash for each of the outstanding shares of Hollysys that it does not already control.
The plan outbids the takeover offer submitted on December 11 by Ascendent Capital, a company based in Hong Kong, by 9.4%.
A group led by Recco Control Technologies and Dazheng Group submitted an all-cash bid to purchase the business in August for $25 per share.
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