Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys” or the “Company”)’s Board of Directors (the “Board”) has confirmed it received a revised unsolicited consortium proposal to acquire all the outstanding shares of Hollysys for $17.10 per share (the “Revised Proposal”).
The Board, consistent with its fiduciary duty and in consultation with its independent financial and legal advisors, will carefully review and thoroughly evaluate the Revised Proposal. Latham & Watkins is serving as legal advisor to Hollysys.
The Board and management is deeply committed to maximizing shareholder value and will thoroughly evaluate any opportunities or strategic alternatives that would advance that goal. As part of this review, the Board will consider the Revised Proposal in the context of the significant value creation potential from the Company’s ongoing business strategy.
Management looks forward to sharing more information on its strategic plan and updates to the business as they become available. No specific timetable has been set and there can be no assurance that the review of the Revised Proposal will result in the consummation of any agreement or transaction. The Company’s shareholders do not need to take any action at this time.