VivoPower International PLC ( VVPR ) shares are trading higher on Wednesday after the company announced it received a non-binding takeover proposal from Energi Holdings.

Energi's unsolicited takeover proposal is an all-cash offer for all non-affiliated free float shares of VivoPower ( VVPR ) at a $120 million enterprise value, pending due diligence.

Energi is an Abu Dhabi-based energy solutions firm, which generates around $1 billion in revenue and operates across the Middle East, Africa, South Asia, Europe, and Southeast Asia.

Both parties aim to finalize negotiations on price, terms, and conditions by April 2, with VivoPower’s board set to provide a market update accordingly.

Last week, VivoPower ( VVPR ) disclosed that it has engaged advisors to facilitate the spin-off of its subsidiary, Caret LLC, through a direct listing on Nasdaq.

VivoPower ( VVPR ) plans to distribute five shares of Caret Digital for each VivoPower ( VVPR ) share held as of a future record date.

The implied market capitalization is estimated at $250 million, subject to market conditions.

Additionally, Caret Digital aims to raise $10 million from strategic investors to support its growth initiatives.

Price Action: VVPR shares are up 121% at $5.00 at the last check Wednesday.

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