Benzinga | Dec 10, 2020 06:07AM EST

Hollysys Announces Receipt Of Non-Binding 'Going Private' Proposal For $15.47/Share In Cash

BEIJING, Dec. 10, 2020 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ:HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, announced today that its board of directors received an unsolicited non-binding proposal letter, dated December 7, 2020, from a consortium comprised of Mr. Baiqing Shao, Ace Lead Profits Limited and CPE Funds Management Limited, to acquire all of the outstanding ordinary shares of the Company for $15.47 in cash per ordinary share. The Company's board of directors is consulting with its legal advisors and will evaluate the proposal accordingly. In the meantime, the Company's shareholders are strongly advised to take no action in relation to the proposal.

The Company's board of directors cautions the Company's shareholders and others considering trading in the Company's securities that no decisions have been made with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the proposal or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to these or any other transactions, except as required under applicable law.