July 1 (Reuters) - China-focused private equity firm Ascendent Capital said on Monday it has obtained all approvals in China for its proposed $1.7 billion takeover of Hollysys Automation Technologies.

Ascendent, which holds a 13.7% stake in Hollysys as the biggest shareholder, proposed a non-binding, all-cash offer to buy all the remaining shares of the automation control system provider on November 6.

The deal, valued at $26 per share, offered a 26.2% premium to the company's last closing price before the offer.

Hollysys started a formal sale process advised by Deutsche Bank in October, after having received acquisition interest from multiple buyers over the last three years.

Despite receiving a higher bid from a Dazheng Group-led consortium in January for $29.50 per share, Hollysys agreed to be acquired by Ascendent, citing concerns over equity financing by Dazheng and its ability to close the transaction. (Reporting by Ananta Agarwal in Bengaluru; Editing by Vijay Kishore)