-- China -focused private equity firm Ascendent Capital Partners is considering reviving a potential offer to take Hollysys Automation Technologies Ltd. private, people familiar with the matter said, as interest in the industrial company heats up.Ascendent Capital is working with financial advisers and exploring financing options as it evaluates a fresh bid for US-listed Hollysys, the people said, asking not to be identified discussing confidential information.
Separately, a consortium of Recco Control Technology Pte and Hong Kong-based Dazheng Group Investment Holdings Co. reaffirmed their initial approach with a $1.6 billion offer, prompting Hollysys to set up a special committee and to launch a formal sale process. On Oct. 24, Hollysys said its co-chief operating officers Lei Fang and Yue Xu made a competing non-binding proposal of $25 a share, setting up a potential bidding war.
“The special committee of independent directors is following a formal structured sale process with the aim of providing bidders with the opportunity to participate on a level playing field,” the Hollysys representative said in response to Bloomberg queries. “It is open to serious and compelling offers from all parties.”
Founded in 1993, Hollysys provides integrated solutions for industrial automation and rail transport, according to its website. The Beijing-based firm operates in China and eight other countries and regions in Asia. Hollysys has worked on over 45,000 projects in sectors including power and petrochemicals as well as both high-speed and urban rail, the website shows.
BEIJING -Beijing Xiangshan Forum, China's biggest annual show of military diplomacy, started on Sunday, although the Asian power is still missing a defence minister, who typically hosts this event. China hopes to use the forum to promote President Xi Jinping's vision for a safer world and draw developing countries closer, as it faces increased coordination between the United States and its allies to curtail its military ambitions.
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China Private Equity Ascendent Capital Partners Hollysys Automation Technologies Bid Industrial Company
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