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Hollysys Auto - HOLI STOCK NEWS

Welcome to our dedicated page for Hollysys Auto news (Ticker: HOLI), a resource for investors and traders seeking the latest updates and insights on Hollysys Auto stock.

Hollysys Automation Technologies Ltd. (HOLI) provides mission-critical automation solutions for industrial and transportation systems worldwide. This news hub offers investors and industry professionals direct access to official corporate announcements, financial disclosures, and strategic developments from the automation technology leader.

Key updates include quarterly earnings reports, new product launches in industrial control systems, rail signaling innovations, and partnership announcements across energy, manufacturing, and infrastructure sectors. Users will find detailed coverage of operational milestones, technology patents, and market expansion initiatives.

All content undergoes strict verification to ensure alignment with regulatory standards. The repository serves as a neutral reference for analyzing HOLI's position in industrial automation markets and its technological advancements in distributed control systems (DCS) and rail transportation safety solutions.

Bookmark this page for real-time updates on corporate governance changes, R&D breakthroughs, and international project deployments. Combine these verified updates with market analysis tools for comprehensive investment research.

Rhea-AI Summary
Buyer Consortium led by Dazheng Group urges shareholders to vote against the Ascendent transaction and presents a higher offer for Hollysys. The transaction with Ascendent is subject to potential Chinese national security review and outbound investment approval, causing closing uncertainty. The Consortium has demonstrated financing above industry standards and claims Hollysys' allegations against them demonstrate prejudice and prevent shareholders from considering their offer.
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The Special Committee of Hollysys Automation Technologies Ltd. reiterated its recommendation for shareholders to vote for the acquisition by Ascendent Capital Partners, dismissing Dazheng Group Acquisition Limited's proposal as not superior. The committee expressed concerns about Dazheng's ability to provide equity financing and its constantly changing consortium structure. They strongly disagreed with ISS and Glass Lewis recommendations and emphasized the need for shareholders to vote for the Ascendent acquisition for near-term cash with high certainty of closing.
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A buyer consortium led by Dazheng Group Acquisition Limited offered an all-cash proposal of US$29.50 per share to acquire Hollysys Automation Technologies Ltd. The consortium remains committed to negotiating this proposal with the Hollysys Board. They are urging shareholders to vote against the proposed Ascendent Capital deal, in line with recommendations from leading proxy advisors ISS and Glass Lewis.
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Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) will hold an extraordinary general meeting to consider and vote on the proposal to authorize and approve the merger agreement with Ascendent Capital Partners for US$26.50 per share in cash. The board recommends shareholders to vote 'FOR' the merger agreement.
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Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) concludes 'go-shop' period, receives additional acquisition proposals but determines none constitute a Superior Proposal
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Dazheng Group Acquisition Limited offers an increased all-cash proposal of US$29.00 per share, approximately US$1.8 Billion, to acquire all outstanding shares of Hollysys Automation Technologies Ltd. (NASDAQ: HOLI). This offer is 9.4% higher than the Ascendent Capital offer and is backed by secured financing. The Consortium has full confidence that the Hollysys Board will deem its enhanced proposal superior and remains ready to enter into a merger agreement.
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Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) has reached an agreement to be acquired by Ascendent Capital Partners for approximately US$1.66bn, representing a premium of 42% to the unaffected price as of August 23, 2023.
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Recco Control Technology and Dazheng Group-led consortium reiterates an all-cash offer of US$26.50 per share for Hollysys Automation Technologies Ltd. (HOLI). The board's announcement of a special meeting for shareholders, and a potential merger agreement by mid-December 2023, has sparked conflict due to the consortium's concerns about the board's actions impeding shareholder rights and potentially favoring a management buyout. The consortium urges the board to hold the special meeting before any binding agreement is reached to ensure a legitimate sales process that maximizes shareholder value.
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Hollysys Automation Technologies Ltd. (Hollysys) (NASDAQ: HOLI) intends to hold a special meeting of shareholders in January 2024 following the requests of certain shareholders. The Board has set November 27, 2023, as the record date for determining the shareholders entitled to vote at the special meeting. The proxy statement for the special meeting will be furnished with the SEC in the coming weeks, specifying detailed proposals to be voted on by shareholders, including increasing the maximum Board size and appointing six director candidates. The Special Committee has made positive progress with respect to the sale process and will continue the sale process in an expedited manner, aiming to execute a merger agreement by mid-December.
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Hollysys Q1 FY2024 Financial Highlights: Total revenues reached $199.9 million, up 17.6% from the prior year. Gross margin increased to 34.6%. Net income attributable to Hollysys rose to $31.6 million, a 47.9% increase. Diluted earnings per share reached $0.51, up 45.7%. Non-GAAP measures also showed significant growth. Operating cash flow was $28.2 million. DSO decreased to 145 days, and inventory turnover days increased to 84 days.
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1.64B
46.79M
11.12%
88.44%
8.1%
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