Buyer Consortium Led by Recco Control Technology and Dazheng Group Issues Statement on Hollysys’ Formal Sale Process
Summary
Members of the consortium also include TFI Asset Management Limited, and Great Wall Capital Co., Ltd, who have entered into a memorandum of strategic cooperation with Recco Control Technology and Dazheng Group in connection with the proposed acquisition of Hollysys. A swift and thorough process will enable the consortium, with the insight of full due diligence, to solidify its non-binding indicative all-cash offer of US$25 per share, or approximately US$1.55 Billion. Lei continued, “It appears the pressure applied by shareholders to request a special meeting has brought the Board to take actions which should have been taken a long time ago. As the sale process proceeds, we encourage shareholders to continue to hold the Board accountable and encourage the Board to convene the special meeting in line with its shareholders’ wishes.” UBS Investment Bank is serving as sole financial advisor to the consortium and Sullivan & Cromwell LLP and DLA Piper LLP are serving as U.S. legal advisors to the consortium. Other than as required by applicable law, none of Recco, Dazheng, TFI and Great Wall Capital undertakes any obligation to update or revise any forward-looking information or statements.