Benzinga | Aug 2, 2021 04:55PM EDT

Hollysys Reports Board Is Evaluating Offers From Consortiums

HollySys Automation Technologies Ltd. (NASDAQ:HOLI) ("HollySys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced that the Company's Board of Directors (the "Board") is in the process of evaluating a non-binding offer from Superior Emerald (Cayman) Limited, a company controlled by Ascendent Capital Partners, and Mr. Changli Wang, the founder of the Company who retired from the Company in 2013 with honor (collectively, the "Emerald Consortium"), received on July 20, 2021 to acquire all of the outstanding ordinary shares of the Company for US$23.00 per share in cash (the "Emerald Offer"). This follows an offer from CPE Funds Management Limited, Mr. Shao Baiqing and Ace Lead Profits Limited (collectively, the "CPE Consortium") to acquire all of the outstanding ordinary shares of the Company for $17.10 per share in cash (the "CPE Offer"), which was publicly disclosed by the CPE Consortium and to which the Company responded earlier.

Consistent with its fiduciary duties to the Company's shareholders, the Company's Board of Directors will continue to evaluate and consider both the Emerald Offer and the CPE Offer and will consult with its financial advisor and legal counsel regarding its evaluation and consideration of such offers. As part of this process, at the instruction of the Board, the Company has entered into a limited period of exclusivity with the Emerald Consortium to better assess whether it is in the best interests of the Company and its shareholders to further pursue the Emerald Offer.

The statements included in this press release are made only as of the date hereof. The Company and the Board undertake no obligation to publicly update or revise any statements in this press release as a result of new information, future events, or otherwise, except as required by law.