Latest news for XP Power (OTC:XPPLF) Stock

XP Power

XP Power Ltd is a developer and manufacturer of critical power control components. The company provides power solutions, including alternating current (AC)-direct current (DC) power supplies, and DC-DC converters. Its products serve markets in multiple sectors and across market regions such as Semiconductor Manufacturing Equipment, Industrial Technology, Custom Power, and Healthcare. Its product categories include AC to DC power supplies, DC-DC converters, High-voltage power supplies, Radio Frequency (RF) power systems, and EMI Filters among others. The geographical segments of the company are North America which generates key revenue, Europe, and Asia.

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AEIS proposes to acquire XP Power for £19.50 per share in cash, which is a 68% premium to XP Power&#39;s closing share price on May 20, 2024. AEIS&#39;s CEO believes the deal will benefit both shareholders and customers.

Advanced Energy Discloses New Offer To Acquire XP Power; Is The Latest Proposal Enticing Enough?

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XP Power Posts Lower Profit

XP Power Ltd

Advanced Energy Industries, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEIS#NASDAQ">AEIS</a>) disclosed a possible offer&nbsp;to acquire the entire issued and to be issued shares of&nbsp;XP Power Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/XPPLF#OTC">XPPLF</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38931892/advanced-energy-announces-possible-all-cash-offer-to-acquire-xp-power-limited" rel="noreferrer noopener">for&nbsp;£19.50 per share in cash</a>.



The proposal reflects a 68% premium to XP Power&#8217;s closing share price of £11.64 as of May 20, 2024 (the last business day before this announcement) and an 82% premium to 30-trading day volume weighted average price of £10.74 as of May 20.



Also, the proposal reflects a 76% premium to XP Power&#8217;s closing share price on the trading day before&nbsp;the May 7 proposal of £19.50 per share was submitted&nbsp;to the XP Power board.



The total proposed consideration is £571 million, which is based on the diluted ordinary share count of 24.0 million, net debt of £103.4 million (as of March 31, 2024), and no further dividends to be declared or paid after this announcement. 



Earlier, the company had submitted three all-cash proposals to the company, which the Board of XP Power rejected.&nbsp;



On November 5, 2023, the company offered £18.50 per share in cash, valuing XP Power&#8217;s equity at £369 million.



Steve Kelley, the president and CEO of Advanced&nbsp;Energy&nbsp;said, &#8220;We believe that the proposed offer for XP Power provides compelling value for both Advanced&nbsp;Energy&#8217;s&nbsp;and XP Power&#8217;s shareholders. By expanding our portfolio of products and&nbsp;technologies,&nbsp;and combining our technical capabilities, we believe we will be better able to meet the growing needs of our customers.&#8221;



As of March 31, 2024, cash and cash equivalent&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38564062/advanced-energy-reports-first-quarter-2024-results" rel="noreferrer noopener">stood at $1.02 billion</a>.



Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P SmallCap Information Technology ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCT#NASDAQ">PSCT</a>) and&nbsp;Mid Cap&nbsp;US Equity Select ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNMC#NASDAQ">RNMC</a>).



Price Action: AEIS shares closed higher by 2.13% at $107.88 on Monday.



Photo via Shutterstock

XP Power (OTC: <a class="ticker" href="/stock/xpplf#OTC">XPPLF</a>) reported a 17% drop in its adjusted pretax profit in the year ended Dec. 31.

XP Power's adjusted profit before tax for the year declined to 20.2 million pounds ($30.9 million), versus 24.3 million pounds, in the year-ago period.

Its revenue dropped 9% to 93.9 million pounds. It also lifted its total dividend for the year to 50 pence a share, versus 45 pence a share, in the year-ago period.

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