Shareholders urged to accept offer
CHINESE appliance company Haier has lifted its offer for Fisher and Paykel shares from $1.20 a share to $1.28.
Haier says ACC, AMP and Harbour Asset management will accept the offer, and Fisher and Paykel Appliances’ independent directors recommend shareholders accept, too.
Trading in the shares had been halted pending the announcement after an independent evaluation deemed the offer from Haier, which owns 20 per cent of Fisher and Paykel Appliances, too low.
‘‘While we differ with the valuation provided by the independent ad- viser, we are pleased to indicate our intention to provide an increased offer price to within the valuation range,’’ Haier New Zealand chairman Liang Haishan said.
‘‘We feel this allows our offer to move forward on a positive basis.’’
Shares of the Auckland- based manufacturer of fridges, stoves and dishwashers last traded at $1.235, above Haier’s $1.20-a-share offer for the rest of the company.
Haier effectively rescued F& P Appliances in 2009 when it acquired a 20 per cent stake as part of a capital raising that let the company refinance its debt.