Hollysys Provides Update on Sale Process; Responds to Shareholder Request for Special Meeting
BEIJING, Oct. 30, 2023 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company") today announced that the Special Committee of the Board of Directors, which was established to conduct a sale process as announced on October 2, and its advisors have been in contact with multiple prospective buyers. These include financial sponsors as well as strategic buyers for which there would be compelling industrial logic to an acquisition.
- These include financial sponsors as well as strategic buyers for which there would be compelling industrial logic to an acquisition.
- It is engaged in ongoing discussions with both groups and will provide updates on material developments as soon as practicable.
- As previously announced, on October 20, 2023, the Company received updated materials from requisitioning shareholders with respect to a request to convene a special meeting of shareholders.
- Following the injunction hearing on November 21, 2023, the Company will re-assess promptly whether to convene a special meeting.