Benzinga | Jan 8, 2021 06:01AM EST

Hollysys' Board Of Directors Rejects Unsolicited $15.47/Share Offer Made By Baiqing Shao, CPE Funds Management Limited

BEIJING, Jan. 8, 2021 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ:HOLI) ("Hollysys" or the "Company"), today announced that its Board of Directors (the "Board"), after careful review and consideration and with the assistance of its executive management team as well as outside financial and legal advisors, has determined that the unsolicited offer made by Mr. Baiqing Shao, CPE Funds Management Limited and purportedly on behalf of Ace Lead Profits Limited (collectively, the "Consortium") on December 7, 2020, 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 Company's shareholders.

"Our Board is confident in Hollysys' strategic direction," said Ms. Li Qiao, Chairwoman of Hollysys. "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. Our pursuit of enhanced operational safety, reliability and efficiency, supported by our proprietary technology and industry know-how, enable us to provide better integrated solutions to our customers and allow us to continue to deliver value to our shareholders. We believe the Consortium's unsolicited proposal would deprive our shareholders of the value inherent in Hollysys for inadequate consideration. Our Board is committed to enhancing value for the Company's shareholders and will protect shareholders against non-strategic or undervalued proposals."