Jamie Gray

Jamie Gray is a business reporter for the New Zealand Herald and APNZ wire agency

F&P takeover goes unconditional

Photo / Glenn Jeffrey
Photo / Glenn Jeffrey

Chinese appliance maker Haier said its takeover offer for Fisher and Paykel Appliances had gone unconditional after the company received consent from the Overseas Investment Office.

"Haier has received consent of the Overseas Investment Office to proceed with its offer to acquire all the shares in Fisher & Paykel Appliances Holdings Ltd, the final regulatory approval required for the transaction to proceed," the company said.

Haier, which is offering $1.28 a share of Fisher and Paykel Appliances, said shareholders have until November 6 to accept the offer, unless it is extended in accordance with the Takeovers Code.

Liang Haishan, chairman of Haier New Zealand Investment Holding Company Ltd, and president of Haier White Goods Group, said Haier wanted to be "very clear" that no further increase to the offer price was being contemplated by Haier and that shareholders now had all information on which to base a decision.

"The support of the Fisher & Paykel Appliances Independent Directors for our revised offer price, acceptances by major shareholders, and the generally positive market reaction are clear indications of the very good value of our offer," he said.

Haier has received approval to proceed with the transaction from the Commerce Bureau of Qingdao Municipal Government, which was the final Chinese regulatory approval required for the transaction to proceed.

- APNZ

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