VivoPower Receives Revised Proposal From Energi Holdings Regarding Tembo Acquisition, Stock Climbs

(RTTNews) - VivoPower International PLC (VVPR), Thursday announced that it has received a revised non-binding proposal from Energi Holdings Limited for acquisition of its subsidiary, Tembo e-LV B.V., a specialist battery-electric and off-road vehicle company.

The revised proposal, seeking to acquire a 51 percent stake in Tembo, values the company at $200 million, an increase from the previous offer of $180 million enterprise value offered for 80 percent of the non affiliated shares of VivoPower.

Energi also expressed its support for Tembo's planned business combination with Cactus Acquisition Corp. at an equity valuation of $838 million, and work constructively with both VivoPower and Tembo.

The company added that it is evaluating the revised proposal.

Currently, VVPR is trading at $8.40, up 23.42 percent on the Nasdaq.