VivoPower Enters Exclusivity Period with Energi Holdings
VivoPower International PLC (Nasdaq: VVPR) has reached an agreement to provide Energi Holdings Limited an eight-week exclusivity window for conducting due diligence. This decision is contingent upon Energi enhancing its non-binding cash offer to acquire the non-affiliated shareholders of VivoPower, raising the enterprise valuation from US$120 million to US$180 million. Energi, based in Abu Dhabi and founded in 2014, has reported revenues of US$1 billion and operates in various regions including the Middle East, Africa, South Asia, Europe, and Southeast Asia.
Details of the Takeover Proposal
The unsolicited offer from Energi is an all-cash bid aimed at acquiring all non-affiliated free float shares of VivoPower, reflecting the revised enterprise value of US$180 million. VivoPower’s board has formed a subcommittee composed mainly of independent directors, which will ensure that updates regarding the proposal are communicated to the market promptly.
About VivoPower
Founded in 2014 and publicly traded on Nasdaq since 2016, VivoPower is recognized as a B Corporation that prioritizes global sustainable energy solutions. The company specializes in electric solutions tailored for both off-road and on-road fleet applications, alongside additional services like financing, charging, battery, and microgrid solutions. VivoPower’s mission is to supply comprehensive decarbonization strategies that assist clients in achieving net-zero carbon emissions. The company has a diverse operational footprint that includes locations in Australia, Canada, the Netherlands, the UK, the US, the Philippines, and the UAE.
Forward-Looking Statements
This announcement contains certain statements that may be classified as “forward-looking statements” according to U.S. federal securities laws. These statements encompass projections, forecasts, or other descriptions of anticipated future events or circumstances, including the assumptions underlying them. Terms such as “anticipate,” “believe,” “expect,” “may,” and similar phrases are indicative of forward-looking statements, although their absence does not imply that a statement is not forward-looking. Such statements may address performance targets or the advantages stemming from the activities or transactions mentioned, along with anticipated returns. These expressions are based on the current expectations or beliefs of VivoPower’s management and are subject to risks, uncertainties, and changes in circumstances. Actual outcomes may significantly differ from those suggested by these statements due to various factors, including economic conditions, competitive landscape, and regulatory changes, among others. It is essential to read this information while considering the associated risks. VivoPower is not obligated to update or modify its forward-looking statements, regardless of new information or future events.
