Hollysys provides update on sales process

Hollysys Automation Technologies 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. Additionally, the Special Committee and its advisors are considering bids submitted by Recco Control Technology and Dazheng Group Investment Holdings Company and by representatives of the Hollysys management team. It is engaged in ongoing discussions with both groups and will provide updates on material developments as soon as practicable. In a statement, the members of the Special Committee stated: “We are making every effort to conduct a fair and full process and to be fully responsive to all current and potentially interested parties to facilitate due diligence and enable them to make updated and binding proposals. Our objective is to present to shareholders a recommended proposal that provides compelling value, committed financing, regulatory certainty, and a viable pathway to closing.” The sale process is targeted to be at an advanced stage, with a preferred bidder identified, as soon as early December.