Hollysis Automation soared more than 19% in pre-market trading! Ascendent indicates that the acquisition has been approved

Hollysis Automation surged more than 19% in pre-market trading on the US stock market, after buyer Ascendent Capital Partners disclosed that its affiliate Superior Technologies Holding has obtained all approvals from China for the $1.66 billion transaction. The buyer revealed in a 13D/A filing on Monday that Ascendent is working to complete the transaction "promptly." Earlier, media reports at the end of April suggested that this transaction could face strict scrutiny from Chinese antitrust and national security regulators. It is understood that in December 2023, the Beijing-based company announced a privatization deal, under which it will be acquired by private investment firm Ascendent in an all-cash transaction. Ascendent, based in Hong Kong, will acquire all issued shares of Hollysis Automation not currently held at a price of $26.50 per share in cash. Hollysis Automation had previously stated in early February that its shareholders had approved Ascendent's acquisition