Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
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
- Craig Norgate, former Fonterra CEO, dies in UK
- On the tragic deaths of a mother and three children – a dissenting view
- Whoa — those crazy crowdsourced designs are all that's on the table for $28m flag consideration project
- Government sets climate change target to reduce CO2 emissions to 30% below 2005 levels by 2020
- Hooper quits Herald gossip gig after 'callous comment' criticism