NZ's MHM Automation jumps on $89 mln takeover by US firm

MHM Automation

02/11/2023 23:19

** Shares of New Zealand's MHM Automation Ltd  MHM.NZ  rise
as much as 75.8% to NZ$1.60, their highest since Sept. 28, 2015
    ** Agricultural equipment maker says it has entered into an
agreement with U.S.-based Bettcher Industries Inc, under which
Bettcher will acquire all shares of co
    ** Bettcher will pay MHM shareholders NZ$1.70 per share
owned, representing an 86.8% premium on MHM's last close
    ** Takeover values MHM at NZ$151.4 mln ($89.25 mln)
    ** Stock posts its biggest intraday percentage gain since
Sept. 15, 2015
    ** 14,100 shares change hands, compared with the 30-day
average volume of 10,941
    ** Stock down 2.2% YTD, based on last close



($1 = 1.6964 New Zealand dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))