Benzinga | Aug 3, 2021 06:34AM EDT

Hollysys Shares Gain As It Receives Superior Emerald's Takeover Offer For $23/Share

* Automation and control technologies and applications provider Hollysys Automation Technologies Ltd's (NASDAQ:HOLI) board is evaluating a non-binding offer from Superior Emerald (Cayman) Limited, controlled by Ascendent Capital Partners, and Mr. Changli Wang, the founder of the company.

* Hollysys received the offer on Jul. 20 to acquire the shares for $23.00 per share in cash. The offer price implies a 61.9% premium to Hollysys Jun. 28 closing price of $14.21, the last trading day before receiving the first takeover offer.

* It follows an offer from CPE Funds Management Limited, Mr. Shao Baiqing, and Ace Lead Profits Limited to acquire the shares for $17.10 per share in cash as disclosed in Jun. 29. The offer price implied a 20.3% premium to Hollysys Jun. 28 closing price of $14.21.

* Price action: HOLI shares traded higher by 18.1% at $18.30 in the premarket session on the last check Tuesday.