VivoPower International (VVPR) said Thursday that it has received a revised, non-binding offer from Energi Holdings to buy a 51% controlling stake in its electric vehicle subsidiary, Tembo.
The proposed deal values Tembo at $200 million. Energi also supports Tembo's planned merger with Cactus Acquisition (CCTS) and is open to structuring its investment to support that deal. Energi plans to roll its stake into the combined company, while VivoPower would still hold a significant share if the merger goes through, VivoPower said.
Proceeds from any potential sale, like this one, would help pay down debt and could later be returned to shareholders if there are surplus funds, the company added.
The proposal from Energi is indicative and still under review. It depends on conditions like due diligence, legal agreements, and board and shareholder approvals. There's no guarantee the deal will happen, and VivoPower will only provide more updates if necessary, the company said.
Shares of VivoPower rose about 5% in recent trading.
Price: 7.15, Change: +0.34, Percent Change: +4.99
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