(Reuters) – Hollysys Automation Technologies said on Wednesday that it was going ahead with private equity firm Ascendent’s takeover offer valued at $1.66 billion as it struggled to find a better bid from interested parties during the “go-shop” period.
The China-based automation technology provider said it received two other offers from unnamed parties during the 15-day go-shop period but neither of them constituted a superior proposal.
It was not immediately clear if one of the bidders was a consortium led by China’s Dazheng Group Acquisition.
Last week, the group made a $1.8 billion all-cash offer that was well above Ascendent Capital’s bid. Dazheng had also said that its proposal was backed by “secured and credible” financing.
Hollysys shares were down 3.2% in trading before the bell.
The company had agreed to be bought by Hong Kong-based Ascendent Capital earlier this month for $26.50 per share. Ascendent already owns a 13.7% stake in Hollysys.
Dazheng Group was not immediately available for comment.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Anil D’Silva)