RTTNews | Jan 8, 2021 06:10AM EST

06:09 Friday, January 8, 2021 (RTTNews.com) - Hollysys Automation Technologies Ltd. (HOLI) said its Board has decided that the unsolicited offer made by Baiqing Shao, CPE Funds Management Limited and purportedly on behalf of Ace Lead Profits Limited to acquire all of the outstanding ordinary shares of the company for $15.47 in cash per ordinary share, substantially undervalues the company and is not in the best interest of the shareholders.

Li Qiao, Chairwoman of Hollysys, stated: "We believe that the company has significant value creation potential as a result of its leading position in the automation industry and strong research and development capabilities."

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