Ascendent Capital Partners and a buyer consortium led by Dazheng Group are bidding to acquire Hollysys Automation Technologies for up to $1.8bn.

Ascendent Capital Partners and a buyer consortium led by Dazheng Group, including TFI Asset Management and GA Technologies, are bidding to acquire Hollysys Automation Technologies, a provider of automation control solutions, for up to $1.8bn. The Consortium believes its newly enhanced proposal presents the Hollysys Board with the greatest opportunity to deliver immediate and significant value to its shareholders. The Consortium stands ready to engage with the Board and is prepared to swiftly commence confirmatory due diligence and enter into a merger agreement. With its new offer submitted, the Consortium has confidence that the Board will recognize the value this offer presents Hollysys shareholders and engage constructively with the Consortium to finalize this transaction.