Recco-Led Group Is Said to Consider Higher Bid for Hollysys (1)

A consortium led by Recco Control Technology Pte is considering a higher offer for Hollysys Automation Technologies Ltd., people familiar with the matter said, after the Chinese company agreed to be bought by private equity firm Ascendent Capital Partners.

The Recco-led group, which also includes Dazheng Group Investment Holdings Co., has financing lined up and is weighing a fresh bid that’s likely to be significantly higher than the $26.50-a-share cash offer from Ascendent, the people said, asking not to be identified because the matter is private. Considerations are ongoing and the Recco group could still decide against pursuing a ...