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The buyer’s consortium (“Consortium”) formed by Mr. Shao Baiqing, Ace Lead Profits Limited and CPE Funds Management Limited today provided Hollysys Automation Technology Co., Ltd. (NASDAQ:HOLI) (“Company” or “Hollysys”) and other information that the consortium intends to acquire the company and agrees to solicit. The consortium firmly believes that the proposed acquisition is the best and only option for shareholders to achieve immediate liquidity of their investments at an attractive premium and greater certainty. The consortium reminds shareholders of the company as of June 24, 2021 to sign, date and return the WHITE consent card as soon as possible before July 22, 2021.
The full text of the letter from the consortium is as follows:
Dear shareholders:
We, the buyer consortium (“Consortium” or “us”) is composed of Mr. Shao Baiqing (“Mr. Shao”), Ace Lead Profits Limited (“Ace Lead”) and CPE Funds Management Limited (“CPE”). I would like to remind you, please agree Our resolution regarding the acquisition (“Proposed Acquisition”) of all the outstanding common stocks of all companies not yet owned by the consortium at a price of $17.10 per share in cash is as follows: the instructions on the white consent card.
If you hold shares through a bank or broker (ie under the “street name” or as the “beneficial owner”) and have not received the consortium’s consent materials by mail or email, please contact your bank or broker as soon as possible and request Instructions about the WHITE consent card. If you are the record holder (ie, you hold shares in your own name on the company’s shareholder register), please contact Innisfree M&A Incorporated (“Innisfree”) immediately, which assists the consortium with the consent solicitation, phone number or electronic Email address to request a copy of the white consent card.
In addition, if it helps, we would like to share with all shareholders the information we provide in response to certain limited inquiries we receive:
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Will the result of seeking consent prompt shareholders to participate in the proposed acquisition? |
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Do not.We want to reiterate that the agreement is Non-binding Regarding the overall situation of the proposed transaction, especially the offer price of $17.10 per share. As we pointed out in our press release on June 29, 2021 (italics and bold are added for emphasis): “Despite the inaction of the company’s board of directors (“Board of Directors”), if this solicitation is successful, it will help the consortium to continue the proposed acquisition. Shareholders who hold more than 50% of the issued shares of the company, if they agree to the company… |
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