Hollysys Automation (HOLI) Received $17.10 Offer From Shareholder

January 29, 2021 8:58 AM EST

Hollysys Automation (NASDAQ: HOLI) shareholder Ace Lead Profits disclosed:

On January 29, 2021, the Consortium submitted a binding proposal (the “New Proposal”) to the Issuer’s board of directors to acquire all of the Publicly Held Shares for US$17.10 per share in cash (the “Transaction”), representing a premium of 37% to the closing price on December 4, 2020, the last trading day preceding the date of the original Proposal from the Consortium in respect of the Transaction, and a premium of 48% to the 90-day volume-weighted average price per share of $11.58 as of December 4, 2020.

The Consortium strongly believes that a sale of the Company at US$17.10 per share will avail its shareholders of a direct path to realizing immediate liquidity and a highly compelling premium for their shares, with far greater certainty than if the Company were to remain a publicly traded company.

The foregoing descriptions of the New Proposal are not complete and are qualified in their entirety by the text of such document, which is attached as an exhibit hereto and is incorporated herein by reference.

The Transaction may result in one or more of the actions specified in clauses (a)−(j) of Item 4 of Schedule 13D, including the acquisition or disposition of additional securities of the Issuer, a merger or other extraordinary corporate transaction involving the Issuer, a change to the present board of directors of the Issuer, a change to the present capitalization or dividend policy of the Issuer, the delisting of the Issuer’s securities from the NASDAQ Global Select Market, and a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934.

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13D, Definitive Agreement