Dazheng-Led Consortium Boosts Offer for Hollysys Automation

A consortium led by Dazheng Group made an improved offer to acquire Hollysys Automation Technologies Ltd., seeking to thwart its sale to private equity firm Ascendent Capital Partners.

The buyer group, which also includes TFI Asset Management and GA Technologies, offered $29 a share for Hollysys, according to a statement Sunday. The proposal, worth about $1.8 billion, tops the $26.50-a-share price that the consortium previously offered and that Ascendent has already agreed to pay for the Chinese company.

Hollysys said earlier this month it had agreed to be acquired by Hong Kong-based Ascendent in a $1.66 billion transaction, ...