On November 6, Liang Meng, Ascendent Capital and Advanced Technology submitted a letter to the special committee of the board of directors of Hollysys and expressed their intention to actively pursue an acquisition of the company. The group have proposed a non-binding, all-cash offer of $26 per share, which values the company at approximately $1.61B. “The reporting persons may also acquire additional ordinary shares through open market purchases and private agreements. The reporting persons support the efforts by other shareholders to cause a special meeting of the shareholders to be held. The reporting persons request that the special meeting be held no later than December 1, 2023,” according to a regulatory filing.
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