New XP Power bid may be difficult to reject - Jefferies
Advanced Energy Industries (NASDAQ:AEIS) announced earlier Tuesday that it has increased its bid for London-listed XP (NASDAQ:XP) Power (LON:XPP), and this all-cash offer could be hard to turn down, according to Jefferies. The latest offer, at a price of £19.50 per share, represents a 68% premium to XP Power’s closing share price of £11.64 on Monday and an 82% premium on its 30-trading day average price. XP Power’s board had rejected previous bids of £17.00 per share and £18.50 per share in the fourth quarter of last year, and said Tuesday that it had “unanimously concluded” that the proposal “fundamentally” undervalued the company and its prospects.