Sam Stubbs opposed Haier's takeover of F&P Appliances. Photo / APN
Sam Stubbs opposed Haier's takeover of F&P Appliances. Photo / APN
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Tower Investments chief executive Sam Stubbs was one of the most vocal opponents to Haier's successful takeover bid for Kiwi whiteware maker Fisher & Paykel Appliances this year.
The Chinese company initially made an offer of $1.20 per share to F&P Appliances investors in September.
Stubbs, whose firm managed a3.7 per cent stake in F&P Appliances, came out firing, saying the Chinese firm would be getting the New Zealand manufacturer "for a steal" if the company was sold at that price.
The firm was worth $3.31 a share to Haier should the Chinese firm be successful in pulling off a full takeover, he said in September, which would have valued the East Tamaki-based company at $2.4 billion.
That valuation took into account $1.24 billion in "extra value" Haier would gain from owning all of F&P Appliances' technology and manufacturing processes, as opposed to securing only a partial takeover, in which case it would have remained NZX-listed.
Haier eventually pulled off a full takeover after raising its offer to $1.28 per share.
F&P Appliances de-listed from the NZX last month.
Before working at Tower, Stubbs was chief executive of Hanover Finance.
