London-listed XP Power eyes best day in 12 years on takeover offer
21/05/2024 09:42
** XP Power XPP.L shares climb as much as 50.3% to 1,750
pence, highest level since Sept. 29, 2023
** Stock set for best day since Feb. 6, 2012, if current
trend holds
** The Singapore-based power converter solutions provider
receives 468 million pound ($594.7 million) takeover offer from
Advanced Energy AEIS.O , which the board has unanimously
rejected
** 19.50 pounds per share offer represents 68% premium to
XP's last close
** "This is a hostile bid, which fascinates us, and the
all-cash nature of the offer would provide investors with a
clean exit," Jefferies analysts says
** Up to last close, stock down ~14.2% YTD
($1 = 0.7869 pounds)
(Reporting by Archishma Iyer)
((Archishma.Iyer@thomsonreuters.com;))