Morrison & Foerster and Zhong Lun Law Firm have advised Hong Kong-based private equity firm Ascendent Capital on its $1.66 billion bid to take Chinese automation control system provider Hollysys private. The latter is being represented by Davis Polk & Wardwell and Haiwen & Partners.
Ascendent, which held a 13.7 percent stake in the U.S.-listed Hollysys as the largest shareholder, proposed a non-binding, all-cash offer to buy all the remaining shares at $26 each, a 26.2 percent premium to the closing price on Nov. 3, Reuters reported.
"The agreement enables Hollysys' shareholders to realise substantial cash value at a significant premium to the company's recent trading price. Additionally, the ability of Ascendent to secure reputable funding sources and execute the transaction expeditiously further enhances the attractiveness of the deal," Hollysys said in a statement.
The MoFo team was led by partners Marcia Ellis, Rongjing Zhao and Spencer Klein.
The Davis Polk team was led by partners Miranda So, Lijun (Annie) Yan and Nick Benham.
