(Bloomberg) -- A group of shareholders in Hollysys Automation Technologies Ltd. is exploring ways to ramp up pressure on the Chinese industrial company’s board to formally consider alternative takeover offers, people with knowledge of the matter said.

The group, which includes hedge funds and other institutional investors, is considering pushing for an extraordinary general meeting of shareholders, the people said. It may seek to nominate new directors to replace some current board members, the people said, asking not to be identified because the information is private.

Hollysys earlier this month received a fresh bid from an investor consortium in a deal that values the firm at about $1.6 billion, Bloomberg News has reported. The bidding group, led by privately-held Recco Control Technology Pte and Hong Kong-based Dazheng Group Investment Holdings Co., has reaffirmed an all-cash offer of $25 per share for Hollysys that it first made in 2021.

Hollysys management has added Huarong Asset Management and Citic Private Equity to another consortium weighing a management buyout of the Chinese firm, DealReporter reported last week, citing unidentified people. The transaction is expected to launch in September, the report said.

Shares of Hollysys have risen about 13% this year, giving it a market value of around $1.2 billion. The stock closed at $18.63 per share on Tuesday. A representative for Hollysys didn’t immediately respond to requests for comment.

Founded in 1993, Hollysys provides integrated solutions for industrial automation and rail transport, according to its website. It’s worked on more than 40,000 projects in sectors including power and petrochemicals, as well as both high-speed and urban rail. 

©2023 Bloomberg L.P.