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Private Fox

Published September 2, 2022 8:44pm EDT
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‘The Five’ discusses the lawsuit filed against the White House in an effort to find more email evidence of the administration colluding with Big Tech to censor Americans.
Kayl e igh McEnany discusses with " The Five " how the White House is facing a lawsuit for allegedly working with Big Tech executives to censor Americans.
KAYLEIGH MCENANY: It's likely illegal what they're doing because you can't suppress the First Amendment speech of a citizen when you are the United States federal government, even via a subsidiary. That disinformation board that didn't happen appears to have happened in practice. When you have 45 federal officials who engaged in this, according to the attorneys general, 11 agencies. That's a big operation. We knew this. Jen Psaki told us on July 15th that flagging problematic Facebook posts and the spread of disinformation was the priority. So they admitted this out loud. But what is striking to me, because we knew this was happening at the federal government, is the third parties who willingly engaged . When you had a Facebook official email the surgeon general, and say, I know our teams met today to better understand the scope of what the White House expects from us. Remember that guy, Brian Stelter? It reminds me of when he said to Jen Psaki, how can we be better? This is social media. What do you expect of us? Big media? How can we be better? Sensing a trend? It is essentially private sector partnering with the Democrat Party.
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Published September 2, 2022 10:44am EDT

Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset .
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Legal Statement . Mutual Fund and ETF data provided by Refinitiv Lipper .

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A consortium led by China's Hollysys Automation Technologies management plans to take the U.S.-listed automation and control system maker private in a deal that would value the firm at $1.8 billion, people with knowledge of the matter said.
The management team, led by founder and Chief Executive Officer Wang Changli, has won endorsement for the deal from the municipal government of Beijing, where the company is based, the people said.
The team, acting under the local government's guidance, has joined hands with a Beijing-based state firm for the potential deal, they added.
Neither Hollysys nor Wang responded to Reuters requests for comment. The Beijing municipal government also did not respond.
U.S.-listed shares of Hollysys rose nearly 18% in morning trade following news of the plan.
The consortium took the view that Hollysys, which was listed in New York in 2008, was undervalued in the U.S. market, the people said.
Founded in 1993, the company trades at 13 times trailing earnings on the Nasdaq, while its Shanghai-listed peer Zhejiang Supcon Technology has a comparable P/E multiple of 54, according to Refinitiv data.
The take-private plan, if it materialises, would also add to a growing list of U.S.-listed Chinese companies coming back to the mainland or Hong Kong in recent years as tensions mount between the two countries.
They have been spurred in large part by China's tightening oversight of data-rich and strategic industrial technology assets due to national security concerns.
Hollysys offers integrated services for industrial automation and rail transport, according to its website, and its control systems have been used in sensitive areas such as nuclear power stations .
The consortium aims to bring a number of financial investors into the take-private deal, including U.S. private equity firm Warburg Pincus and Chinese venture capital firm Legend Capital, the people said.
The consortium has also held talks with banks to finance the deal and is about to secure loans worth at least $1 billion from Chinese lenders, led by ICBC (Asia), they added.
State-owned lender ICBC (Asia) did not respond to a request for comment. Warburg Pincus and Legend Capital had no comment on the matter when contacted by Reuters.
The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. (REUTERS/Florence Lo/File Photo)
The people declined to be identified because the information was not public.
The consortium plans to offer about $29 per share to take Hollysys private, the sources said, representing a premium of 81% to the firm's average share price over the past three months of $16.
The premium is above a string of unsolicited takeover offers Hollysys received since December 2020, with several coming in at $23-$25 per share. The firm said in January it was not planning a sale and would not evaluate further unsolicited proposals.
The Hollysys management-led consortium aims to announce the take-private deal as soon as the fourth quarter of this year and relist the company on China's tech-focused STAR board in the next two to three years, one of the sources said.
Hollysys has operations in China and eight other countries and regions throughout Asia, and has carried out more than 30,000 projects in sectors ranging from power and petrochemicals to high-speed and urban rail, its website shows.

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