Shares in Michael Hill International (MHI) rose in a tumbling early sharemarket, after the Hill family launched a partial takeover bid.Durante Holdings, set up to consolidate the holdings of shares in MHI held by the Hill family through family trusts, is
Shares in Michael Hill International (MHI) rose in a tumbling early sharemarket, after the Hill family launched a partial takeover bid.
Durante Holdings, set up to consolidate the holdings of shares in MHI held by the Hill family through family trusts, is offering 90c per share to buy 5% of the shares it does not already own.
That would see it buying 10 million shares and take its holding to 50.2%.
Shortly after the New Zealand sharemarket opened for the week, MHI shares were up 2c to 87, while by 10.20am the benchmark NZX-50 index was down 25.44 points to 3299.68, wiping out much of its 31.3-point gain on Friday.
Contact Energy fell 7c to 617, Ebos Group was down 5c to 731, Trustpower lost 4c to 726, and Telecom lost 2c to 221.
Shares gaining early included Fletcher Building up 4c to 777, Hallenstein Glasson up 5c to 415, The Warehouse up 3c to 359, and NZ Refining Co up 3c to 445.
