Shareholders of Fisher & Paykel Appliances will this week receive a full takeover offer from electronic and appliance giant Haier Group.
The deal would see Fisher & Paykel remain as a stand-alone company led by local management. With key personnel, current employment policies and the existing product development base in New Zealand to be retained.
Mr Liang Haishan, Haier New Zealand Investment Holding Company chairman and Haier White Goods Group president, says the cash offer of $1.20 per share is excellent in the current market.
“We think the offer is particularly attractive given market volatility, recent economic uncertainty and increasing competition in the global white goods sector which adds risk to the achievability of market share and earnings growth.”
Haier already owns about a 20 percent share in Fisher and Paykel and has two directors on the board. There would be no changes to New Zealand and Australian resident independent board directors for at least two years, under the offer.
Haishan says proposals about Fisher & Paykel's future are included in the offer document, which is being posted to shareholders today, and are not made lightly.
“We would like to make it clear that we respect the Fisher & Paykel Appliances brand and business. Our proposal is to see the company continue as a strong, New Zealand based stand-alone company led by local management, but within the Haier group."
The offer is open until 6 November 2012 .
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