Dazheng-Led Group Offers $29.50 a Share to Buy Hollysys (1)

A consortium led by Dazheng Group made an improved $1.83 billion offer to buy Hollysys Automation Technologies Ltd., marking the latest twist in a years-long takeover saga for the Chinese industrial firm.

The bid group put forward a new $29.50-a-share cash bid, up from a previous offer of $29 a share, according to a statement on Monday that confirmed an earlier Bloomberg News report. It’s secured financing from an institutional investor and banks, they said.

The Dazheng consortium, which includes TFI Asset Management and GA Technologies, said engagements with a special committee of the Hollysys board over the ...