This article only represents the author's own views.
A bidding war is heating up for Hollysys Automation Technologies Ltd. (HOLI.US), but it hardly feels like party time for the company’s marginalized minority shareholders.
Last Wednesday, a consortium led by two investment firms — Singapore-based Recco Control Technology and Hong Kong-based Dazheng Group — said it offered to buy all of Hollysys’ shares for $26.50 each in cash, valuing the automation and control systems maker at $1.64 billion. That tops a $26-per-share bid two days earlier from China-focused private equity firm Ascendent Capital Partners, which already owns about 14% of Hollysys’ stock. Back in August, the Recco Control group made an initial bid of $25 per share.
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