By Claire Reilly
The standoff between Fisher & Paykel and the company that is looking to take control of it, Haier, has escalated, with Haier today stating that it has satisfied certain trading conditions that bring “further certainty for shareholders”.
Haier issued a statement to the Australian Securities Exchange announcing that “the condition in its takeover offer for Fisher & Paykel Appliances shares requiring United States Anti-Trust approval has now been satisfied”. According to the chairman and president of Haier New Zealand, Liang Haishan, this provides further proof that Haier’s takeover offer for F&P shareholders is sound.
“We think certainty is a key consideration for shareholders,” said Haishan. “As we have already indicated, we think shareholders need to decide between the certainty of our offer or the optimistic projections of the Independent Adviser’s report.”
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Following the commissioning of a report by F&P regarding Haier’s takeover offer of $1.20 per share, the company advised shareholders not to take up the offer as it believed it undervalued F&P’s stock.
Haier disputes this.
“Haier believes its NZ$1.20 cash offer represents excellent value for shareholders and an opportunity for shareholders to realise cash from their Fisher & Paykel Appliances investment.
“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.”