Shares in Fisher & Paykel Appliances closed at $1.205 on Tuesday, half a cent more than what Chinese company Haier is offering in its takeover bid.
A week earlier, the Chinese whiteware firm sent its takeover offer of Fisher and Paykel Appliances to shareholders, offering $1.20 a share.
Haier says if the offer is unsuccessful it's likely the share price will decline significantly, as the recent increase to Fisher and Paykel Appliances' shares reflects Haier's offer.
But Tower Investments, which has a 3.7% stake, says the Haier price is too low and calculates Fisher and Paykel Appliances is worth $3.30 a share to Haier.
It says the offer should be in the range of $1.25 to $1.65 a share.
Tower Investments chief executive Sam Stubbs says the higher value of the stock signals investors expect a higher offer.
Mr Stubbs says it is still too early to tell if Haier will lift its offer.
Fisher & Paykel Appliance's independent board is recommending shareholders take no action, and it'll send out the company's response to the offer around 10 October.