China's Haier makes US$704 million takeover bid for NZ's Fisher & Paykel
September 12, 2012, 12:02 am TWN
WELLINGTON, New Zealand -- Chinese home appliance giant Haier Group has launched a US$704 million takeover bid for New Zealand's Fisher & Paykel Appliances.
Haier, which already owns 20 percent of Fisher & Paykel, is offering NZ$1.20 per share for the remaining 80 percent of the company. The cash offer values the company at NZ$869 million (US$704 million). The offer was announced after the New Zealand stock market finished trading Tuesday.
The takeover is contingent on Haier gaining a controlling 50-percent stake and clearing regulatory hurdles. Liang Haishan, a director of Haier's New Zealand branch, said in a statement that Haier had reached a lock-up agreement with Allan Gray Australia Ltd, the next largest shareholder after Haier, for its 17.46-percent stake. That leaves Haier less than 13 per