Bettcher Industries, Inc. made a confidential, non-binding and conditional letter of intention to acquire MHM Automation Limited (NZSE : MHM) from Richard Rookes, Ian McGregor, Andrew Barclay, Humphry Rolleston and other shareholders in September 2023. Bettcher Industries, Inc. entered into a scheme implementation agreement MHM Automation Limited from Richard Rookes, Ian McGregor, Andrew Barclay, Humphry Rolleston and other shareholders for approximately NZD 150 million on November 3, 2023. The transaction is subject to break up fee of NZD 1.5 million to be paid by either of the party.

The Bettcher Industries has received irrevocable understanding, to accept the offer from Richard Rookes, Ian McGregor, Andrew Barclay and Humphry Rolleston, in respect of approximately 47.6% of MHM's shares. The directors of MHM Automation unanimously recommended the scheme. The scheme is subject to MHM shareholder and court approval, OIO approval and other customary conditions. MHM established a sub-committee of independent directors, consisting of Trevor Burt and Paul Smart, to complete confirmatory due diligence. The scheme is expected to be implemented in the first quarter of 2024. As on January 26, 2024, the transaction was approved by MHM Automation shareholders.

Simmons Corporate Finance Limited acted as independent adviser and Sarah McEwan and Mark Odlin of Buddle Findlay acted as legal advisor to MHM. Matthew Olsen and Cameron Reeves of Mayne Wetherell acted as legal advisor to Bettcher. Link Market Services Limited acted as registrar of MHM.