By Claire Reilly
Fisher & Paykel Holdings Limited – the parent company of Fisher & Paykel Appliances – has been placed in a trading halt on the Australian Securities Exchange, increasing speculation that takeover talks between the company and Haier have advanced.
F&P issued a statement to the ASX today, saying that the securities of the company would be placed in a “Trading Halt Session State at the request of the company, pending the release of an announcement by the company.
“Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the commencement of normal trading on Monday, 22 October 2012, or when the announcement is released to the market,” the statement read.
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The announcement comes after weeks of speculation over the future of the company, following a takeover bid by Chinese whitegoods manufacturer Haier. Haier already owns a 20 per cent stake in F&P and has secured the support of major shareholder, Allan Gray Australia.
The New Zealand Herald reports that today’s trading halt could be due to an increase in the share buying price from Haier. The company is currently offering to buy shares at a price of $1.20 per share, but an independent report released by F&P valued stock in between $1.28 and $1.57 per share – causing F&P to formally reject Haier's offer.