Haier gets OIO approval for F Appliances takeover, declares bid unconditional
Oct. 31 (BusinessDesk) - Chinese whiteware maker Haier has declared its bid for local manufacturer Fisher & Paykel Appliances unconditional after getting Overseas Investment Office approval for the takeover.
The OIO sign-off satisfied the last of Haier's conditions, giving it control of the New Zealand company, having secured
62.4 percent acceptances as of yesterday. Haier's bid for at least half of the manufacturer got over the line after it
raised its offer to meet the bottom of the independent valuation of between $1.28 and $1.57, satisfying enough
institutional investors to sell.
"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," Haier New Zealand
Investment Holding Co chairman Liang Haishan said in a statement.
The shares were unchanged at $1.265 apiece. Shareholders have until Nov. 6 to accept the increased offer.
Haier effectively rescued F Appliances in 2009 when it acquired a 20 percent stake as part of a capital raising that let the company refinance its
debt. The local manufacturer got distribution into China as a result of the deal and the ability to further licence its
technology.
(BusinessDesk)