My Food Bag buoyed by Aussie takeover

My Food Bag shares rallied 3.8% to $1.38 – roughly 5% above its low. (Image: BusinessDesk)

Tue, 13 Jul 2021

New Zealand shares rose on Tuesday with My Food Bag climbing out of the doldrums after rival Hello Fresh shelled out A$125 million to buy an Australian meal company.The S&P/NZX 50 Index rose 21.54 points, or 0.2%, to 12,784.94. Turnover was $150m.Meal-kit company My Food Bag – which sits outside the benchmark index – got a boost after multi-national rival HelloFresh offered to buy ASX-listed ready-made meal company Youfoodz at an 82% premium to its share price.Youfoodz has followed a similar track to My Food Bag, falling steadil...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.