Fisher & Paykel Directors Now Recommend Accepting Haier Buyout Offer
Oct 23, 2012
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The acquisition of Fisher & Paykel by Haier now appears extremely likely, after Haier increased its offer to buyout F&P and independent directors recommend that shareholders accept the offer.
Fisher & Paykel Appliances Holdings is a highly innovative, New Zealand-based appliance maker that is already licensing some motor technology to Haier, the biggest appliance maker in China.
Haier, which already owns a portion of F&P, originally offered $1.20 (New Zealand dollars) per share to takeover F&P, which prompted a "do not accept" recommendation from the independent directors.
Haier then raised its offer to $1.28 per share. Following the increase, the independent directors unanimously recommended that shareholders accept the offer.
The independent directors are Dr. Keith Turner, Philip Lough, Ms. Lynley Marshall, Bill Roest. The independent directors do not include Haier board members.
The independent members said the new offer represents a fair value for F&P shares. No alternative buyout offers were received.
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