Dazheng-led consortium to buy Hollysys Automation for $1.8 billion

A consortium led by Dazheng Group from China has announced a proposal to acquire Hollysys Automation Technologies, a provider of automation and control technology, in an all-cash deal amounting to $1.8 billion, as stated in a release on Sunday.

The consortium, consisting of TFI Asset Management and GA Technologies, intends to purchase all outstanding shares of Hollysys at $29 per share in cash. This offer represents a 9.4 per cent increase compared to the buyout proposal put forth by Hong Kong-based Ascendent Capital on December 11.

In August, a consortium led by Recco Control Technology and Dazheng Group had made an all-cash offer of $25 per share to acquire the company.

(With Reuters inputs)