Haier's offer for NZ firm accepted
By Hu Xiaocen |
October 19, 2012, Friday
|
Print Edition
Print Edition
HAIER Group, China's largest appliance maker, has won board support to buy New Zealand's Fisher & Paykel Appliances after raising its offer for the maker of washing machines to NZ$742 million (US$609 million).
The independent directors of the parent company of Fisher & Paykel Appliances unanimously recommend that shareholders accept Haier's increased offer price of NZ$1.28 per share, which was raised from NZ$1.20 per share last month, a statement posted on Fisher & Paykel's website said yesterday.
The purchase would extend the overseas expansion of Haier, which has a plant in South Carolina, by adding Fisher & Paykel's manufacturing bases in the US, Italy, Mexico and Thailand.
The new offer values Fisher & Paykel at NZ$927 million and represents a 71 percent premium to the pre-offer price of Fisher & Paykel's shares, Liang Haishan, chairman of Haier New Zealand Investment and president of Haier White Goods Group, said yesterday.
Keith Turner, chairman of Fisher & Paykel, said the independent directors have carefully considered a full range of expert advice, including the independent adviser's report, and regarded the increased offer of 8 NZ cents as representing fair value for the company shares.
Haier, which already owns 20 percent of Fisher & Paykel, said it has sufficient investor acceptances to give it a controlling stake. The Qingdao-based company still needs regulatory approval before the takeover is finalized.
Haier earlier said it doesn't plan any immediate cuts to the work force of either company after the takeover. Haier employs more than 80,000 people and reported global revenues of US$23.3 billion last year.
The independent directors of the parent company of Fisher & Paykel Appliances unanimously recommend that shareholders accept Haier's increased offer price of NZ$1.28 per share, which was raised from NZ$1.20 per share last month, a statement posted on Fisher & Paykel's website said yesterday.
The purchase would extend the overseas expansion of Haier, which has a plant in South Carolina, by adding Fisher & Paykel's manufacturing bases in the US, Italy, Mexico and Thailand.
The new offer values Fisher & Paykel at NZ$927 million and represents a 71 percent premium to the pre-offer price of Fisher & Paykel's shares, Liang Haishan, chairman of Haier New Zealand Investment and president of Haier White Goods Group, said yesterday.
Keith Turner, chairman of Fisher & Paykel, said the independent directors have carefully considered a full range of expert advice, including the independent adviser's report, and regarded the increased offer of 8 NZ cents as representing fair value for the company shares.
Haier, which already owns 20 percent of Fisher & Paykel, said it has sufficient investor acceptances to give it a controlling stake. The Qingdao-based company still needs regulatory approval before the takeover is finalized.
Haier earlier said it doesn't plan any immediate cuts to the work force of either company after the takeover. Haier employs more than 80,000 people and reported global revenues of US$23.3 billion last year.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
