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.
