Skip to main content

news

 

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.

 

TO CONTACT EDITORIAL TEAM, PLEASE EMAIL ALBEDITOR@THOMSONREUTERS.COM

Related Articles

Deals

Trilegal, CAM, Khaitan advise on $300 mln EnerGrid green energy platform

by Nimitt Dixit |

Trilegal and Cyril Amarchand Mangaldas have advised Norwegian and British investors on the formation of $300 million green energy platform EnerGrid, in partnership with IndiGrid, the Mumbai-based power transmission infrastructure investment trust backed by KKR.

Deals

Simpson Thacher, and Nishimura guide KKR's $2.55 bln exit from Seiyu

by Nimitt Dixit |

U.S. law firm Simpson Thacher & Bartlett and Japanese Big Four firm Nishimura & Asahi have advised private equity giant KKR on its $2.55 billion exit from Japanese supermarket chain Seiyu through a sale to Trial Holdings.

Deals

Debevoise, Links, CC advise on $2.28 bln U.S.-Japan insurance deal

by Sarah Wong |

Debevoise & Plimpton and Linklaters are representing Japanese insurer Meiji Yasuda Life Insurance Company on its $2.28 billion all-cash acquisition of the U.S. protection business of Legal & General, which is being advised by Clifford Chance.