MHM Automation Limited has announced that it has entered into a Scheme Implementation Agreement with Bettcher Industries, Inc.
Under the agreement, Bettcher will acquire all of the shares of MHM for NZ$1.70 per share in cash through a scheme of arrangement.
The transaction price represents a significant premium to MHM's closing price and volume weighted average prices.
The Non-Conflicted Directors unanimously recommend that shareholders vote in favor of the Scheme, subject to certain conditions.
The Scheme is subject to shareholder and Court approval, as well as other customary conditions.
Bettcher has entered into voting agreements with shareholders holding approximately 47.6% of MHM's shares.
MHM shareholder approval will be sought in Q1 2024.
The acquisition is seen as strategically aligned and beneficial for both companies.
The Scheme is expected to be implemented in Q1 2024, subject to satisfaction of all conditions.
See more
