Dazheng Group Reiterates Offer to Buy Hollysys for $1.83 Billion

A consortium led by Dazheng Group Acquisition Ltd. reaffirmed its offer to buy Hollysys Automation Technologies Ltd. for $1.83 billion after the US-listed firm rejected an improved offer last week.

The buyer consortium said in a statement on Sunday that its offer for $29.50 per share “represents a significantly greater value proposition for Hollysys shareholders, providing an 11.3% premium to the Ascendant Capital offer,” ahead of a shareholder vote scheduled for Feb. 8.

Hollysys said it rejected the group’s offer of equal value last week because its special committee didn’t “have confidence in the certainty of Dazheng’s equity financing nor ...