Thoma Bravo disclosed a large position in securities-exchange and data-analytics firm Nasdaq. Ascendent Capital Partners is offering to buy out...
These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Nov. 2 through Nov. 8, 2023. Source: VerityData Ascendent Capital Partners purchased 8,150,238 shares of the Beijing-based industrial-automation company from Sept. 28 through Nov.
Ascendent said it is prepared to offer $26 per share in cash, approximately $1.61 billion, to acquire all the Hollysys Automation shares that it doesn’t currently own. This follows an offer by a consortium of shareholders, which collectively own a third of Hollysys, to buy the remaining shares outstanding at $25 each in cash.
That group, led by Recco Control Technology and Dazheng Group Investment, has called for a special shareholders’ meeting to allow further due diligence and to reserve the right to counter any competing bids. Within days of Ascendent’s offer, the consortium countered with a revised cash bid of $26.50 per share.
Hollysys said that a special committee of its board, established to conduct a sale process, “is engaged in ongoing discussions with both groups and will provide updates on material developments as soon as practicable.” Hollysys added, “The sale process is targeted to be at an advanced stage, with a preferred bidder identified, as soon as early December.” News of the unsolicited offers sparked a rally in Hollysys’ shares, as they have now gained 35% so far this year.
Ascendent Capital Partners Hollysys Automation Technologies Shares Acquisition
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