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News

Hollysys Rejects Dazheng Proposal, Citing Financing Concerns And Consortium Instability, Endorses Ascendent Deal

Author: Benzinga Newsdesk | January 30, 2024 01:45am

- Special Committee concluded Dazheng proposal was not superior after rigorous negotiations

- Dazheng was unable to provide sufficient assurances around equity financing and last-minute introduction of yet another new member after multiple changes in its consortium composition raised further questions that could not be resolved 

- Special Committee strongly disagrees with flawed ISS and Glass Lewis recommendations: a transparent and well-run process has brought the right outcome for shareholders: the Ascendent deal 

- Updated proxy materials detailing engagement with Dazheng in recent weeks will be released shortly

Posted In: HOLI

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