26 Sep 2012

Haier's takeover bid official

6:07 pm on 26 September 2012

The Chinese whiteware firm, Haier, has officially made a takeover bid for Fisher & Paykel Appliances.

Haier, which has a cornerstone 20% stake in the New Zealand firm, has not changed its offer of $1.20 a share, which it indicated it would make earlier this month.

Haier says the offer is a significant 60% premium on Fisher & Paykel Appliances' share price just before the takeover bid was announced.

Fisher & Paykel Appliances' second biggest shareholder, the Australian Investment firm Allan Gray, which holds 17%, is already locked into the offer.

But other investors say Haier should be offering at least $1.25 per share.

The shareholders have until early November to decide whether to sell.