Hollysys Reiterates Strong Support for Ascendent Deal; Provides Update on Engagement with Dazheng
BEIJING, Jan. 29, 2024 /PRNewswire/ -- The Special Committee of Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company") today reiterated its unanimous recommendation that shareholders vote FOR the acquisition of the Company by a buyer controlled by Ascendent Capital Partners ("Ascendent"), an international and experienced private investment firm headquartered in Hong Kong.
- The most recent discussions concluded with the determination by the Special Committee that the Dazheng proposal is not superior to the Ascendent acquisition.
- We selected Ascendent after running a comprehensive and rigorous process, where the Dazheng Consortium declined initially to even sign an NDA.
- A proxy statement supplement detailing the Special Committee's recent engagement with Dazheng will be furnished with the U.S. Securities and Exchange Commission in due course.
- The Special Committee strongly disagrees with the recommendations of ISS and Glass Lewis regarding the transaction with Ascendent.