Dazheng Group consortium announces bid to buy Hollysys Automation for $1.8 billion

(Reuters) -A consortium led by China’s Dazheng Group Acquisition has announced a bid to acquire automation and control technology provider Hollysys Automation Technologies in an all-cash transaction valued at $1.8 billion, according to a statement on Sunday.

The consortium, which includes TFI Asset Management and GA Technologies, said it would acquire all outstanding shares of Hollysys it does not already own for $29 per share in cash.

The proposal is 9.4% higher than the buyout offer made by Hong Kong-based Ascendent Capital on Dec. 11

In August, a consortium led by Recco Control Technology and Dazheng Group made an all-cash offer of $25 per share to buy the company.

Hollysys Automation did not immediately respond to a request for comment outside of office hours.

(Reporting by Anirudh Saligrama in BengaluruEditing by Nick Zieminski and Matthew Lewis)