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% 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 says in a statement.
The shares were unchanged at $1.265 apiece. Shareholders have until November 6 to accept the increased offer.
Haier effectively rescued F&P Appliances in 2009 when it acquired a 20% 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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- New lawyers not doing 'much better' than job at McDonald's – report surprises
- MARKET CLOSE: NZ shares gain as market bounce continues; Kathmandu, Fletcher rise
- Sky TV-Vodafone merger application highlights threats – including those to key sports content
- NBR ONLINE paid member subscribers top 4000
- Marlborough-based wine company lists on the NXT despite OIO hiccup
Most listened to
- Marlborough Wine Estates CEO Catherine Ma explains why the Chinese-owned company listed on the NXT
- National list MP Chris Bishop says Phil Twyford's accusation the government has made housing a 'race issue' is hypocritical
- Bond prices have fallen while oil prices have risen - Jason Walls explains why on Walls' Street
- NBR technology editor Chris Keall on hitting 4000 member subscribers
- In his Editor's Insight Nevil Gibson on the future of health information technology and medical devices industry