What’s up with HOLI stock today? Hollysys Automation Tech (NASDAQ:HOLI)

A consortium led by Dazheng Group Acquisition Limited has raised its bid for Hollysys Automation Technologies Ltd (HOLI) to $29.00 per share, totaling approximately $1.8 billion in cash. This offer represents a 55.5% premium to HOLI’s closing share price on August 23, 2023, and a 40.8% premium to its closing share price on November 3, 2023. The new acquisition price is a 9.4% increase from the consortium’s previous offer of $26.50 per share and is also higher than Ascendent’s competing offer. The consortium aims to engage with HOLI’s Board, complete the due diligence process, and finalize a merger agreement before January 22, 2024.