Dazheng Group Consortium announces $1.8 billion bid for Hollysys Automation.

A consortium led by China’s Dazheng Group Acquisition has announced its plans to acquire automation and control technology provider Hollysys Automation Technologies in a $1.8bn all-cash deal. The consortium, which also includes GA Technologies and TFI Asset Management, will pay $29 in cash for each outstanding share of Hollysys. The bid outbids a takeover offer made by Ascendent Capital in December by 9.4%. In August, a group led by Recco Control Technologies and Dazheng Group submitted a $25 per share bid to purchase the company.