(Reuters) – Hollysys Automation Technologies said on Monday it has reached an agreement to be acquired by Hong Kong-based Ascendent Capital in an all-cash transaction valued at about $1.66 billion, sending its shares up 8%.
Ascendent, which already owns a 13.7% stake, will acquire all outstanding shares of Hollysys it does not already own for $26.50 per share in cash.
The price represents a premium of 42% to Hollysys’ close on Aug. 23, a day before a consortium led by Recco Control Technology and Dazheng Group disclosed a $25 per share buyout proposal.
(Reporting by Aishwarya Jain in Bengaluru; Editing by Shounak Dasgupta)