Offeror(s): Haier New Zealand Investment Holding Company Limited

Independent Adviser(s): Grant Samuel & Associates (Rule 21)

Offer Date: 23/09/2012

Closing Date: 06/11/2012

Offer Type: Full

Compulsory Acquisition

Transaction summary:

Haier New Zealand Investment Holding Company Limited (“Haier”) made a full takeover offer, dated 23 September 2012, for all the shares in Fisher & Paykel Appliances Holdings Limited (“FPA”).

The offer price was initially $1.20 per FPA share. The independent directors of FPA unanimously recommended that shareholders should not accept the offer on the basis of, among other things, the independent adviser’s valuation range of $1.28 to $1.57 per FPA share.

On 19 October, the offer price was increased to $1.28 per FPA share by a variation of the offer under rule 27(a) of the Code. Following the offer price increase, the independent directors unanimously recommended that shareholders accept the offer.

On 30 October, Haier gave notice that it had received the final Chinese regulatory approval to the transaction. The following day, Haier gave notice that it had received Overseas Investment Office consent to acquire the FPA shares under the offer.

The offer closed on 6 November and Haier gave notice that it had become the dominant owner for the purposes of the Code. Accordingly, Haier utilised the compulsory acquisition provisions of the Code to acquire the remaining shares from the outstanding shareholders.

FPA was delisted from the NZX on 27 November 2012.

We have not received consent to publish other documents in relation to this transaction on our website. However, copies of these documents are available upon request to the Panel under the Official Information Act 1982. Please send your written Official Information requests to takeovers.panel@takeovers.govt.nz