Is the server a P4 with hyperthreading?
If it is, the problem with 2.4.18+ kernels and ACPI/APM is probably biting you. It has something to do with them not being safe for an SMP kernel, because they're not sure if both processors are ready to be stopped. Sometimes adding apm=power_off works, but it depends, you might try disabling both apm and acpi and see if that helps.
I've had some success with disabling apm and acpi in grub.conf, but I'd advise you to read up on it, and not just cut and copy from my reply