Consortium ‘committed’ to negotiating $29.50 per share Hollysys offer

The buyer consortium led by Dazheng Group Acquisition said in a statement, “The The independent research reports and recommendations from both leading proxy advisors send a message loud and clear: the Hollysys Board has consistently taken actions that have not been in the best interests of shareholders. With regards to the sales process, it is clear the Board has put forth a questionable effort to maximize price, held the Consortium to unreasonable standards, and has run an opaque and expedited sales process. Despite the above concerns, the Consortium remains committed to negotiating its latest proposal of US$29.50 and determined to acquire Hollysys. Additionally, the Consortium reserves all rights to pursue legal remedies against Hollysys to ensure that public shareholders are not foreclosed from receiving the benefits presented by the Consortium’s Superior Proposal, including its US$ 29.5 per share offer price, reemphasizes the importance for public shareholders to defend their legitimate interests by voting against the Ascendent Capital transaction at the EGM on February 8, 2024, and further encourages shareholders to defend their lawful rights by taking legal actions against the Ascendent Capital transaction. The Ascendent Capital transaction, which is substantially inferior to the Consortium’s bid, is not the only option for the shareholders and no one will be allowed to cram it down on the shareholders.”