Haier takeover in the bag – proceeds to mopup outstanding F&P shares

Haier has got over the 90 per cent threshold to take full control of Fisher & Paykel Appliances. It will now compulsorily acquire remaining shares and delist the company.

Haier New Zealand Investment’s offer for all the shares in Fisher & Payel Appliances went unconditional last week.

NZ Inc earlier reported Haier  received the Overseas Investment Office ‘s consent to proceed with its offer to acquire all the shares in Fisher & Paykel Appliances the final regulatory approval required for the transaction to proceed.

Haier formally declared its offer unconditional.

Shareholders have until 5:00 pm on 6 November 2012 to accept the offer, unless it is extended in accordance with the Takeovers Code. Shareholders who accept the offer on or before this date will be sent their payment in full on or before 13 November 2012.

Haier New Zealand Investment chairman Liang Haishan, who is also 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 advised earlier today that it had 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.