09:45 AM EDT, 06/18/2024 (MT Newswires) -- Advanced Energy Industries ( AEIS ) said Tuesday it will not make a firm offer to acquire power control systems company XP Power.

The power conversion products manufacturer said that despite efforts to engage with XP Power's board, differences in value expectations have prevented it from accessing the due diligence necessary to make a firm offer.

XP Power said in a statement that its board has had no contact with Advanced Energy since since its indicative proposal was rejected on May 13.

Advanced Energy said it considered its latest proposal of 19.50 pounds ($24.75) per share adequate to reflect XP Power's future market potential and mitigate operational risks.

Advanced Energy shares were 0.7% higher in early trading on Tuesday.