According to an official statement released on Sunday, China’s Dazheng Group Acquisition is leading a consortium, including TFI Asset Management and GA Technologies, which has made a bid to acquire automation and control technology provider Hollysys Automation Technologies as part of an all-cash deal worth $1.8 billion.

The consortium announced it would acquire all outstanding shares of Hollysys which are not already in its possession, for $29 per share in cash.

Compared to the offer made by Hong Kong-based Ascendent Capital on December 11th, the new proposal is 9.4% higher.

Another consortium led by Recco Control Technology and Dazheng Group, has made an offer in August to purchase the company for $25 per share.

There was no immediate comment on the report from Hollysys Automation outside of office hours.