Hollysys Automation (NASDAQ:HOLI) saw its stock increase by as much as 5% yesterday. This rise comes on the heels of an enhanced acquisition proposal from a consortium led by Dazheng Group. The group is now offering $29 per share, aiming to outbid the previous deal with Ascendent Capital Partners, which was set at $26.50 per share in cash.

In their press release, the Consortium expressed confidence that their revised offer provides the Hollysys Board with an optimal opportunity to deliver immediate and substantial value to its shareholders. They also indicated a readiness to engage with the Board, prepared to quickly begin confirmatory due diligence and proceed to a merger agreement.

This development follows Hollysys' earlier announcement in December, where it agreed to a privatization deal with Ascendent Capital Partners. The agreed price then was $26.50 per share in cash, valuing the company at approximately $1.66 billion.