Haier is set to complete its takeover of Fisher & Paykel appliances with the compulsory acquisition of remaining shares in the company. The news comes as the Chinese company reached a controlling stake of 90 per cent of shares, triggering a regulatory requirement that orders the company to buy out remaining stock in the company.
According to the New Zealand Takeovers Code, once a company comes to control 90 per cent or more of shares in a publicly-listed company, it is required to purchase the remaining shares to complete a full takeover. Haier will now write to remaining shareholders that have not sold their stake in the company, informing them that these shares will now be compulsorily acquired at the offer price of $1.28 per share.
Chairman of Haier New Zealand Investment Holding Company Ltd, and President of Haier White Goods Group, Liang Haishan, said it was a positive result for the company.
“We are delighted that a significant majority of shareholders have recognised the value of our offer,” said Haishan. “We would also like to acknowledge the support from Fisher & Paykel Appliances’ independent board for the offer and the guidance they have provided shareholders during our acquisition.
“We look forward to working with Fisher & Paykel Appliances during the next phase of the development, and identifying opportunities for further collaboration between Fisher & Paykel Appliances and Haier and strengthening both brands and businesses.”
Today’s news comes at the end of a long process for Haier, which first announced its intentions to buyout Fisher & Paykel in September of this year. Since then, the two companies were locked in a war of words over the value of F&P, until Haier offered to increase its offer price for shares and F&P’s directors officially accepted the new offer.