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VivoPower says it aims to complete these talks before April 2, 2025, and that it will provide an update accordingly once the details are hashed out.
Shares of VivoPower International Plc. (VVPR) surged by a massive 85% on Wednesday after the company announced that its board had entered into negotiations with Energi Holdings on its takeover offer.
VivoPower received an unsolicited, non-binding takeover bid from Energi earlier this week at an enterprise value of $120 million.
The company said it was reviewing the offer at the time, and it has now revealed that its board and Energi have entered into negotiations with respect to the price, terms and conditions.
VivoPower says it aims to complete these talks before April 2, 2025, and that it will provide an update accordingly once the details are hashed out.
Energi Holdings is an Abu Dhabi-based company with $1 billion in revenues. It has operations in the Middle East, Africa, South Asia, Southeast Asia, and Europe.
VivoPower is a UK-headquartered sustainable solutions company that offers battery technology and electric vehicle services.
Its market capitalization stood at $32 million at the end of trading on Wednesday.
Retail sentiment on Stocktwits continued to remain high, soaring further into the ‘extremely bullish’ (91/100) territory. Message volumes peaked at ‘extremely high’ levels.
One user thinks the stock is headed to $12.
VivoPower’s stock is up nearly 404% over the past five trading sessions, and higher by more than 194% in the past year.
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