Advanced Energy offers £19.50/share cash for XP Power, 68% premium; board rejected three proposals

ADVANCED ENERGY INDUSTRIES INC

Proposed £19.50/share cash offer values XP Power equity at ~£468M; total consideration £571M including net debt.
Offer represents a 68% premium to XP Power's May 20 closing price of £11.64; three prior proposals were unanimously rejected.
Advanced Energy has until June 18, 2024 to announce a firm intention or withdraw; no certainty a firm offer will be made.
Funding would come from AEIS's $1.0B+ cash and low-cost debt; deal expected to expand gross margins and earnings.

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