Summary by Moomoo AI
Hollysys Automation Technologies Ltd. (Hollysys) has announced an extraordinary general meeting (EGM) scheduled for February 8, 2024, to vote on a merger agreement with Ascendent Capital Partners. The agreement proposes the acquisition of all outstanding Hollysys shares not already owned by Ascendent for $26.50 per share in cash. This offer represents a 42% premium over the unaffected share price as of August 23, 2023. The Board, following the Special Committee's recommendation, has unanimously approved the merger and advises shareholders to vote in favor. The Special Committee's review process, which began on September 29, 2023, involved evaluating multiple proposals and resulted in the selection of Ascendent's offer. During the 'go-shop' period, no superior proposals were received. Shareholders registered by December 28, 2023, are eligible to vote at...Show More