(Bloomberg) -- Ascendent Capital Partners Ltd. has won China’s consent for its proposed $1.66 billion takeover of US-listed Hollysys Automation Technologies Ltd., potentially ending the more than three-year contest for the Chinese industrial company.

The Hong Kong-based private equity firm has obtained all the approvals in China that are required to complete the merger, according to an exchange filing on Monday.

Shares in Hollysys jumped 19% in pre-market trading following the announcement. The stock on June 13 dropped to the lowest level in more than seven months on concerns the Ascendent’s takeover may be stalled. It closed at $21.64 on Friday, lower than the offer price of $26.50. 

Hollysys has been receiving takeover bids for years, including a proposal from a consortium led by Dazheng Group. In December, Hollysys agreed to be acquired by Ascendent and shareholders voted in favor of the offer two months later even though both Institutional Shareholder Services Inc. and Glass Lewis & Co. advised to reject Ascendent’s takeover proposal.

Takeover interest around Hollysys kicked off in December 2020 when a group of investors offered $15.47 a share in cash, which the company rejected. Ascendent weighed in with a $23-a-share bid in August 2021. Dazheng joined the bid in January 2022 as part of a bidding group, offering $25 apiece. Ascendent rejoined the bidding process after a group of shareholders asked Hollysys to reshuffle its board.

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