Hollysys Automation Technologies, a China-based maker of automation and control systems, said on Monday it had formed a special committee to review a $1.55 billion offer from a consortium and start a sale process.

In August, a consortium led by Recco Control Technology and Dazheng Group Investment Holdings made an all-cash offer of $25 per share to buy the company.

China's Hollysys forms committee to review $1.55 billion takeover offer comes via ChinaTechNews.com.