Ascendent Wins Overwhelming Shareholder Support to Acquire Hollysys for US$26.50 Per Share

Core Viewpoint - Ascendent Capital Partners has successfully received overwhelming shareholder approval for its acquisition of Hollysys Automation Technologies Ltd., indicating strong support for the transaction and the company's governance standards [1][2]. Group 1: Acquisition Details - Approximately 86.94% of shareholders voted in favor of Ascendent's acquisition proposal at the Extraordinary General Meeting [1]. - The acquisition price is set at US$26.50 per share in cash for all outstanding shares of Hollysys that Ascendent does not currently own [1]. - Approximately 76.95% of shareholders participated in the voting, highlighting the competitive value offered to them [1]. Group 2: Management and Governance - Leon Meng, Chairman and CEO of Ascendent, emphasized the importance of the vote as a milestone for Hollysys and its stakeholders, praising the Special Committee for a transparent sale process [2]. - The EGM also resulted in the approval of the appointment of Guanghua Miao, Ding Wei, and Dennis Demiao Zhu to the board of directors of Hollysys [2]. Group 3: Company Background - Ascendent Capital Partners is a private equity investment management firm based in Hong Kong, managing assets for global institutional investors, including sovereign wealth funds and pensions [3]. - The firm is advised by BNP Paribas Securities Corp, Morrison & Foerster LLP, Appleby, and Zhong Lun Law Firm [4].