: Hollysys Automation Technologies rallies on $1.66B take-private deal

Hollysys Automation Technologies Ltd.’s stock HOLI was up by 10% in premarket trading on Monday after it agreed to be taken private by Ascendent Capital Partners in a deal that values the company at $1.66 billion. Ascendent will acquire all outstanding shares of Hollysys that it does not currently own for $26.50 a share, which is a premium of 42% over its unaffected share price of $18.66 as of Aug. 23. Hollysys formed a special committee of independent directors on Oct. 2 to run the sale process. The requires shareholder as well as a regulatory OK. Hollysys did not provide an expected date of completion for the deal.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.