05:37 AM EDT, 05/21/2024 (MT Newswires) -- Advanced Energy Industries ( AEIS ) said Tuesday it has offered to acquire the entire share capital of XP Power for 19.50 pounds ($24.78) per share in cash.

The board of XP Power unanimously rejected previous takeover proposals by the company, including one of 17 pounds per share in October 2023 and another of 18.50 pounds per share in November 2023, Advanced Energy said.

The total consideration of the latest proposal is 571 million pounds, which the company plans to fund with cash available on its balance sheet.

XP Power said its board has unanimously rejected the new offer as it still undervalues the company, and advised shareholders to take no action in relation to the proposal.

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