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Hollysys Board of Directors Rejects Unsolicited Offer
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BEIJING, Jan. 8, 2021 /PRNewswire/ Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ( Hollysys or the Company ), today announced that its Board of Directors (the Board ), after careful review and consideration and with the assistance of its executive management team as well as outside financial and legal advisors, has determined that the unsolicited offer made by Mr. Baiqing Shao, CPE Funds Management Limited and purportedly on behalf of Ace Lead Profits Limited (collectively, the Consortium ) on December 7, 2020, to acquire all of the outstanding ordinary shares of the Company for $15.47 in cash per ordinary share, substantially undervalues the Company and is not in the best interest of the Company s shareholders.