XP Power Ltd. (DI) (XPP)

Up
Share Price:
1,836.00p
Market Cap:
£514.67m
Change Today:
94.00p
Sector:
Electronic and Electrical Equipment

XP Power rejects £468m takeover proposal from Advanced Energy

By Michele Maatouk

Date: Tuesday 21 May 2024

LONDON (ShareCast) - (Sharecast News) - Advanced Energy said on Tuesday that it has made three possible all-cash offers for XP Power, the last of which valued the group at £468m.
The Colorado-based company made an initial offer at 1,700p per share, or £339m, in October 2023. In November of the same year, it offered 1,850p per share, or £369m. Its latest offer, at 1,950p per share, was made on 7 May.

"Each of these proposals has been at a significant premium to the share price at the time of each respective proposal, but the board of XP Power unanimously rejected each of these proposals," it said.

"Given the lack of engagement from the board of XP Power, Advanced Energy believes that XP Power's shareholders should be made aware of the latest proposal, which represents a compelling and highly attractive opportunity particularly in light of the November 6, 2023 fundraising and February 16, 2024 trading update.

"The possible acquisition of XP Power is consistent with Advanced Energy's growth strategy, but the company will remain price disciplined when considering any potential acquisitions, including the potential acquisition of XP Power."

The latest offer represents a 68% premium to XP Power's closing share price on Monday.

At 0825 BST, the shares were up 47% at 1,710p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

XPP Market Data

Currency UK Pounds
Price 1,836.00p
Change Today 94.00p
52 Week High 2,010.00p
52 Week Low 857.00p
Volume 9,277
Shares Issued 28.03m
Market Cap £514.67m

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