Despite numerous rejections and even in the face of its most recent increased bid, Dazheng Group has reaffirmed its dedication to acquire Hollysys Automation (NASDAQ:HOLI) at the price of $29.50 per share.

The consortium of buyers, led by Dazheng, has stated that it remains steadfast in its $29.50 offer, regardless of the outcome of Hollysys’ planned $26.50 per share sale to Ascendent Capital, which shareholders are set to vote on soon.

“The Consortium’s offer has enhanced closing certainty relative to the Ascendent offer and is backed by financing above industry standards,” the buyer group declared in a statement. “The Consortium has secured a debt commitment letter for US$1.05 billion from a reputable PRC-headquartered bank’s Hong Kong branch, which is the same bank that issued a debt commitment letter to Ascendent Capital.”

Notably, this latest statement from the consortium follows Hollysys’ rejection of the increased offer, citing a lack of confidence in Dazheng’s equity financing or its capability to close a transaction.

The pending shareholder vote this week coincides with influential proxy firms ISS and Glass Lewis recommending that Hollysys holders vote against the Ascendent Capital deal.