XP Power shares sink as Advanced Energy drops possible takeover offer (updated)

Advanced Energy Industries

18/06/2024 08:26

(Adds details of share move in paragraph 2, proposal context in
paragraphs 5 and 6)
       June 18 (Reuters) - London-listed shares of XP Power
 XPP.L  dropped as much as 24% in early trade on Tuesday after
Colorado-based Advanced Energy Industries  AEIS.O  dropped a
possible 468 million pound ($593.8 million) offer for the power
converter solutions provider.
    Advanced Energy Industries said it did not identify any
additional elements that would justify a revised proposal after
the previous potential offer was rejected last month by XP
Power.
        In a separate statement XP Power said Advanced Energy
had not contacted the company since the indicative proposal was
rejected on May 13.
    The latest 1,950 pence-per-share conditional, indicative
all-cash proposal is the third such offer from Advanced Energy
for the London-listed firm.
    Shares in Singapore-based XP Power hit an over one-month low
of 1,186 pence, bottoming the FTSE Small Cap  .FTSC  index.
        Advanced Energy made an all-cash 1,700 pence-per-share
offer in October last year, and had sweetened it to 1,850 pence
the following month.
  
        
  

($1 = 0.7881 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Mrigank Dhaniwala)
 ((abyjose.koilparambil@thomsonreuters.com))