Haier Ramp Up Takeover Pressure On Fisher And Paykel

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Haier takeover Fisher & Paykel Appliances has been approved by US Anti-Trust regulators

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The Chinese white goods giant confirmed United States Anti-Trust approval of its full takeover of F& P has been secured, in a statement to the ASX today, as it continues to ramp the pressure on F&P shareholders.

Haier said satisfaction of the condition gives Fisher & Paykel  shareholders further “certainty” as they consider its offer, and comes after all of F&P Independent Directors advised shareholders to reject the cash takeover offer of NZ$1.20 per share last week, saying it was too low.

However, the Chinese giant who already has a 20% stake in F&P insists the cash offer represents “excellent value” for shareholders, dismissing the F&P’s Independent Adviser’s valuation range of $1.28-$1.57 per share price, as “overly optimistic”.

“We think certainty is a key consideration for shareholders,” said Mr Liang Haishan, Chairman of Haier New Zealand and company President, said today.

“We think shareholders need to decide between the certainty of our offer or the optimistic projections of the Independent Adviser’s Report.”

Haier also said it believes its NZ$1.20 offer is an ‘opportunity’ for shareholders to realise cash from their investment in F&P, given market volatility and increasing competition in the white goods sector,

However, the company must yet meet other regulatory conditions attached to the takeover and a minimum acceptance that Haier becomes the holder or controller of more than 50% of the F & P shares, it noted in a statement.

Company shares stayed stable at $0.985 on the ASX today.

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