InsideArbitrage Event Driven Monitor – February 1, 2024

Merger Arbitrage

1. HOLI: Hollysys Automation Technologies (HOLI) issued a letter to shareholders reiterating its support for the proposed acquisition by Ascendent Capital Partners at the upcoming extraordinary general meeting to be held on February 8, 2024. In the letter, the company addressed in detail its engagement with Dazheng and outlined why it believes Dazheng’s failure to demonstrate financing certainty presents material risks that outweigh the potentially higher price it has offered.
2. CNSL: Consolidated Communications (CNSL) announced that, based on the preliminary vote count, approximately 75% of shareholders voted to approve the proposed acquisition of the company by affiliates of Searchlight Capital Partners and British Columbia Investment Management Corporation.
3. SIX: Six Flags (SIX) announced that the special meeting of shareholders will be held on March 12, 2024.

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