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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.
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