Haier to takeover New Zealand based home appliances maker

Haier to takeover New Zealand based home appliances maker

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New Zealand based whiteware manufacturers on September 10, 2012 announced that the Chinese electrical company Haier is considering a full take over of the company. A notice was issued by the Fisher & Paykel Appliances Holdings Ltd to the New Zealand Stock Exchange saying that it has been approached by Haier.

Haier already has a 20 percent stake in the company and expressed in making a take over. The statement also included that a potential cash offer price which would “represent a premium to Fisher &Paykel Appliances’ current share price, if an offer were to be made”.

Till now Fisher and Paykel Appliances have not received any take over offer but Haier had approached three of the largest shareholders regarding the possible takeover bid. The Chinese company was also asked to undertake limited commercial and financial due diligence to assist it in developing a complete proposal.

If Haier made an offer then Fisher and Paykel independent board of directors which excludes the two directors associated with Haier would recommend that the shareholders take no action until if carried out. Fisher and Paykel was established in New Zealand in the year 1934 and was first listed in the year 1979. The company has manufacturing units at Mexico, Thailand, New Zealand and Italy.