XP POWER has rejected the latest takeover proposal from the US giant Advanced Energy Industries, in a boost for London's markets.

The Nasdaq-listed firm upped the stakes in its bid for XP Power yesterday, which holds a listing on London's Main Market, offering a deal which valued its equity at £468m. It had previously tabled two bids worth £339m and £369m in October and November, respectively.

The latest offer, at a price of £19.50 per share, represents an 82 per cent premium on the Singareporebased XP Power's 30-trading day average price. The total proposed consideration of the latest offer is £571m, based on reported net debt of £103.4m But XP's top brass said after careful consideration with its financial adviser Rothschild and Co, it had "unanimously concluded" that the proposal "fundamentally" undervalued the company and its prospects.

Headquartered in Denver, Colarado, Advanced Energy provides control and power technologies to the semiconductor, telecoms and renewable sectors.

"We believe that the proposed offer for XP Power provides compelling value for both Advanced Energy's and XP Power's shareholders," Steve Kelley, the president and CEO of Advanced Energy, said.

The offer comes amid a slew of takeprivate deals involving London-listed firms, which have included the likes of Darktrace's £4.3bn deal.

Shares skyrocketed following the news, closing up 47.77 per cent.

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