According to people familiar with the matter, shareholders of Helishi Automation voted for the $1.66 billion acquisition proposal proposed by private equity firm Ascendent Capital Partners Ltd.
The Zhitong Finance App learned that, according to people familiar with the matter, shareholders of Helishi Automation (HOLI.US) voted for the US$1.66 billion acquisition proposal proposed by private equity firm Ascendent Capital Partners Ltd.
People familiar with the matter said that nearly 90% of shareholders who voted on Thursday supported Ascendent's takeover offer. People familiar with the matter added that Ascendent's acquisition may still require approval from Chinese regulators.
This result marks another step in the long struggle over this Chinese industrial enterprise. Other companies are also vying to buy the company, including a consortium led by Hong Kong's Taisho Group. At the end of last month, Helishi Automation recommended that shareholders vote for Ascendent's takeover offer. A special committee stated that it “has no confidence” in the financing of Taisho Group's takeover offer.
A representative from Helishi Automation declined to comment, and Ascendent has yet to receive a request for comment.
According to information, in December of last year, Helishi Automation agreed to be purchased by Ascendent for $26.50 per share in cash. The latter already owns 13.7% of Helishi Automation's shares. Its board of directors unanimously approved the proposal.
Institutional Shareholder Services Inc. and Glass, Lewis & Co. both proposed last month that shareholders of Rishi Automation rejected Ascendent's takeover proposals, saying other offers could bring higher value. Helishi Automation also rejected Taisho Group's $1.83 billion new takeover offer.
According to the Helishi Automation website, the company is involved in projects involving industries such as electricity, petrochemicals, transportation, and healthcare. The company's shares are up about 40% over the past 12 months and closed at $25.57 on Wednesday.