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BUZZ-New Zealand's Comvita rises on $33 million acquisition agreement

Reuters
Aug 18
BUZZ-<a href="https://laohu8.com/S/NZERF">New Zealand</a>'s Comvita rises on $33 million acquisition agreement

** Shares of honey supplier Comvita Ltd CVT.NZ soars 63% to NZ$0.78, posting their biggest intraday gain

** CVT shares at their highest point since March 6

** Stock is top gainer in the NZX 50 benchmark index .NZ50, which is up 0.2%, as of 2247 GMT

** CVT says it signed agreement with natural health and wellness business Florenz Limited

** Agreement for Florenz to buy CVT's shares for NZ$0.80 per share, a 66.67% premium to CVT's last close

** Offer represents equity value of NZ$56 million ($33.19 million)

** CVT board recommends shareholders vote for the deal; its top two shareholders support the deal

** CVT shares down 5% YTD, including the session's moves

($1 = 1.6872 New Zealand dollars)

(Reporting by Sameer Manekar in Bengaluru)

((Sameer.Manekar@thomsonreuters.com;))

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