MHM Automation shareholders to vote on Bettcher acquisition

MHM Automation has released the scheme booklet and notice of meeting for a special meeting of shareholders to vote on the proposed acquisition of the company by Bettcher Industries.

The consideration for the acquisition is NZ$1.70 per share, which falls within the valuation range of NZ$1.56 to NZ$1.75 per share determined by independent adviser, Simmons Corporate Finance.

MHM's non-conflicted directors have unanimously recommended that shareholders vote in favour of the scheme.

The scheme meeting is scheduled to be held on 26 January 2024 and will require approval from at least 75% of the votes of shareholders in each interest class, as well as more than 50% of the total number of MHM shares on issue.

The scheme is also subject to other usual conditions, including court approval and consent from the Overseas Investment Office.

Shareholders will receive the scheme booklet and notice of meeting, along with other relevant documents, in the coming days.

They are encouraged to exercise their right to vote either in person or online at the scheme meeting, or by appointing a proxy.