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An investor consortium is renewing a bid to acquire Chinese automation control system firm Hollysys Automation (NASDAQ:HOLI) for about $1.6 billion. Hollysys pared much of its earlier loss amid the report.

The bidding group is led by privately held Recco Control Technology Pet. and Dazheng Group Investment Holdings Company, according a Bloomberg report on Thursday, which cited a letter the investor consortium wrote to Hollysys (HOLI) on Thursday.

The investor group originally made a $25 per share offer for Hollysys (HOLI) in December 2021, an offer that was reaffirmed by the same group in July 2022.

The latest update comes after a Mergermarket report on Tuesday said that a management-led group has finalized its buyer consortium for a takeover of HollySys (HOLI). Reuters reported in September that Hollysys's (HOLI) management team lead by CEO Wang Changli hd won the endorsement for the purchase from the municipal government of Beijing.

Hollysys (HOLI) has added Chinese state-owned financial services firm Huarong Asset Management to a consortium, along with China's state-owned CITIC Private Equity, according to the MergerMarket report, which cited familiar sources familiar with the matter.

The buyout offer is expected to start next month, according to MergerMarket. The consortium has secured financing from a group of lenders led by ICBC International.