NZ's MHM Automation hits 7-year high after bid to buy smaller peer

MHM Automation

21/12/2022 03:53

** Shares of MHM Automation Ltd  MHM.NZ  jump as much as
10.8% to NZ$0.92, hitting their highest since Dec 4, 2015
    ** Engineering solutions provider signs conditional
agreement to buy out smaller peer Wyma Engineering Ltd for NZ$60
mln ($37.90 mln) by issuing 22.67 mln new shares in
MHM urn:newsml:reuters.com:*:nNZW52H55q
    ** Says share issue representing 25.46% post transaction is
favourable to interests of Wyma's majority shareholders
    ** Stock on track for best day since Oct 21, 2020, if gains
hold
    ** More than 167,213 shares change hands, over twice the
30-day average volume 
    ** MHM up 33.9% this year, as of last close
($1 = 1.5830 New Zealand dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))