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Hollysys Automation Technologies (NASDAQ:HOLI) said its shareholders approved its acquisition by entities affiliated with Ascendent Capital Partners and Superior Technologies.
In December 2023, the Beijing-based company announced a private deal under which it would be acquired by private investment firm Ascendent in an all-cash transaction valued at approximately $1.66 billion. Hong Kong-based Ascendent would acquire all of the outstanding shares of Hollysys that it does not currently own for $26.50 per share in cash.
During the go-shop period, Hollysys did not receive any offers believed to be higher than the $26.50 per share sale to Ascendent.
Hollysys said Thursday that about 76.95% of its total issued and outstanding ordinary shares voted at the extraordinary general meeting, or EGM, and about 86.94% voted in favor of the merger.
“We are committed to proceeding to a successful conclusion of the transaction to realize immediate value for our shareholders,” Hollysys board members said.
Last month, proxy advisor Institutional Shareholder Services recommended that Hollysys shareholders reject Ascendent’s offer.
The company emphasized that it will work with the other parties to satisfy other closing conditions, including obtaining required regulatory approvals.
HOLI +1.29% premarket at $25.90.