Fisher & Paykel Appliances Holdings Limited
Transaction Type: Takeover (Compulsory acquisition)
Offeror: Haier New Zealand Investment Holding Company Limited
Independent Adviser(s): Grant Samuel & Associates (Rule 21)
Offer commencement date: 23/09/2012
Offer closing date: 6/11/2012
On 23 September 2012, Haier New Zealand Investment Holding Company Limited (Haier) made a full takeover offer 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.
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