Hollysys Automation Says 'Go-Shop' Period Under Merger Deal With Ascendent Capital Ends
(RTTNews) - Hollysys Automation Technologies Ltd. (HOLI) announced Wednesday the end of the "go-shop" period as provided for in the merger agreement with funds managed by Ascendent Capital Partners.
The "go-shop" period followed an extensive, competitive process by the Company that led to the signing of the merger agreement with Ascendent.
During the "go-shop" period, the Company solicited and encouraged acquisition proposals, entered into non-disclosure agreements with multiple parties to allow access to non-public information and received two additional acquisition proposals.
While the acquisition proposals state a higher per share price, the company has determined that none of these acquisition proposals currently constitutes or would reasonably be expected to constitute a Superior Proposal.
As the go-shop period has ended, the "no-shop" provisions in the merger agreement are now in effect. In the event the Company changes its recommendation in respect of the Ascendent merger agreement and accepts a Superior Proposal in accordance with the merger agreement, a termination fee of US$33 million will become payable.
European Markets Seen Rising On Wednesday
Australian Dollar Falls Against Majors
Australia Inflation Rises In August
China Private Sector Growth Improves
Australian Market Sharply Extends Early Gains In Mid-market
Asian Markets Trade Mostly Higher
Indian Shares Likely To Open On Mixed Note
