{"id":88779,"date":"1999-12-31T00:07:00","date_gmt":"1999-12-30T13:07:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/haier-play-hard-ball-as-fp-directors-reject-takeover\/"},"modified":"1999-12-31T00:07:00","modified_gmt":"1999-12-30T13:07:00","slug":"haier-play-hard-ball-as-fp-directors-reject-takeover","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/haier-play-hard-ball-as-fp-directors-reject-takeover\/","title":{"rendered":"Haier Play Hard Ball As F&P Directors Reject Takeover"},"content":{"rendered":"

Take it or leave it: Chinese giant plays it tough as Fisher and Paykel Directors reject takeover bid.
The Haier Group’s cash takeover offer of NZ$1.20 <\/a>per share for appliance giant Fisher and Paykel has been rejected by four F&P Independent Directors, today. <\/p>\n

Fisher and Paykel Applainces four Independent Directors have “unanimously recommended shareholders do not accept” Haier’s takeover offer of $1.20 ps, in a statement released today. <\/p>\n

The Directors said the offer “does not adequately reflect their view of the value of FPA based on their confidence in the strategic direction of the company” <\/p>\n

However, the China based white goods giant who already has a 20% stake in F&P says the cash offer represents “excellent value” for shareholders. <\/p>\n

The offer for full control of F&P’s Australia and NZ operation was made through Haier’s New Zealand subsidiary last month. <\/p>\n

But Haier is now playing hard ball, warning F&P’s Independent Adviser’s valuation range of $1.28-$1.57 per share price range, announced today, is “overly optimistic” and fails take into account the ‘risks’ contained in the company’s five year strategic plan.<\/p>\n

Haier is warning F&P shareholders will need to decide between “the certainty of Haier’s offer or taking a significant risk on the achievability of the Independent Adviser’s valuation range.”<\/p>\n

“The offer price is a significant 60% premium to Fisher & Paykel Appliances’ share price as at the close of trading on Friday 7 September, before the market was advised of the potential takeover ,” the company warned in a statement today. <\/p>\n

Haier already has several of F&P’s large shareholders on board including Allan Gray Australia, which holds 17.46% stake, has entered into an irrevocable agreement to accept the offer.<\/p>\n

Liang Haishan, Haier president and NZ Chairman said this agreement represents a strong endorsement of his company’s takeover bid of NZ$1.20 per share, which is a 91% (share) premium to the weighted average trading price over the three month period up to the takeover bid was announced. <\/p>\n

Liang also warned that if Haier’s offer does not succeed, a large decline in the share price from current levels is likely, noting Fisher & Paykel shares has traded as low as NZ$0.33 in the past 12 months. F&P’s shares rose signifcantly in New Zeland after the bid was announced and are currently trading at NZ$1.22. <\/p>\n

F&P shares have almost doubled in Australia since the takeover announcement was made last month, currently selling at A$0.97 on the ASX. <\/p>\n

 <\/div>\n

“This is appropriate and we also considered this information when determining our offer,” said  Liang. <\/p>\n

“There is a high degree of risk regarding the implementation of the five year strategic plan and achievement of the goals set out in it. <\/p>\n

“In determining the offer price we have applied our significant, first-hand knowledge of Fisher & Paykel Appliances and the highly competitive global white goods sector, together with a consideration of the economic environments Fisher & Paykel Appliances operates in.”<\/p>\n

Haier and Fisher & Paykel Appliances have had a cooperative relationship for a number of years, extending beyond 2009 when Haier supported Fisher & Paykel Appliances’ recapitalisation, he added. <\/p>\n","protected":false},"excerpt":{"rendered":"

Take it or leave it: Chinese giant plays it tough as Fisher and Paykel Directors reject takeover bid.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,680],"tags":[],"class_list":["post-88779","post","type-post","status-publish","format-gallery","hentry","category-archive","category-leadership","post_format-post-format-gallery"],"yoast_head":"\nHaier Play Hard Ball As F&P Directors Reject Takeover - Smart Office<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/haier-play-hard-ball-as-fp-directors-reject-takeover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Haier Play Hard Ball As F&P Directors Reject Takeover - 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