On Monday news broke that China's Haier had approached our own Fisher & Paykel about a potential takeover offer. And yesterday it publicly put a figure to the offer: $1.20 a share.
That's slightly higher than what F&P shares are currently trading at ($1.17), as their price surged following the initial news.
However, Haier said the number represented a 60 percent premium to F&P's share price as at the close of trading on Friday September 7, prior to the announcement of the offer – and a 91 percent premium to the volume weighted average trading price over the three-month period prior. F&P Appliances shares have traded at under 50 cents for much of the past year.
Haier already owns almost 20 percent of F&P and said it had agreed to buy the 17.46 percent stake currently owned by Allan Gray Australia Pty Ltd, the next largest shareholder after Haier itself.
Haier said it intended to keep F&P as a standalone company with its chief executive and corporate headquarters remaining in New Zealand.