Comvita buzzing after takeover bid; NZX 50 up 0.6%

The benchmark S&P/NZX 50 climbed 0.63% to 12,970.64 points on Monday with 29.5 million shares worth $147m changing hands.

Paul Robertshawe, Octagon's chief investment officer, said despite being in the throes of earnings season, the big news of the day was small-cap Comvita.

The Mānuka honey company received a takeover bid from Florenz, a subsidiary of Mark Stewart's investment company, Masthead.

If successful, shareholders will receive 80 cents per share (cps), a premium of 67% to Comvita’s closing share price on Aug 15.