By Josh Beckerman
VivoPower International has received a takeover proposal from Abu Dhabi's Energi Holdings.
VivoPower, whose operations include battery-technology and electric-vehicle services, said the unsolicited offer isn't hostile.
The all-cash offer was made at an enterprise value of $120 million and is subject to due diligence, VivoPower said.
VivoPower shares were halted on Nasdaq for pending news. The stock last traded down 13%, at $1.13.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
By Josh Beckerman
VivoPower International gained significantly following a takeover proposal from Abu Dhabi's Energi Holdings.
VivoPower's shares were recently up 128%, to $2.94, Monday afternoon. Prior to a Nasdaq trading halt for pending news, the stock was down 13%, to $1.13.
Energi Holdings' all-cash offer was made at an enterprise value of $120 million and is subject to due diligence, VivoPower said. The company said the unsolicited offer isn't hostile.
VivoPower's operations include Tembo, an electric utility vehicle for sectors such as mining, agriculture and utilities, and Caret Digital, a solar energy business that recently began Dogecoin mining operations.
The company has been working on a deal to combine Tembo E-LV with blank-check company Cactus Acquisition Corp. 1. Last week, VivoPower said it expected to spin off Caret via a direct Nasdaq listing. A spin-off plan was approved in December 2023.
Energi's operations include storage terminals, infrastructure and logistics for renewable fuels, crude oil, petroleum products, chemicals, and vegetable oil.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 24, 2025 14:42 ET (18:42 GMT)
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