Fisher & Paykel Appliances Holdings Limited (ASX:FPA, NZE:FPA) has received a takeover bid from its 20 per cent shareholder, Haier Management Holdings Co. Pte Limited, valuing the company at about $700 million.
The kitchenware manufacturer, listed in Australia and New Zealand, says its Chinese appliance maker suitor is offering $NZ1.20 per share for all the shares that it does not already own.
Fisher & Paykel’s independent directors say they will back the bid in the absence of a superior alternative and if the terms and conditions are acceptable.
Shares in Fisher & Paykel extended Monday’s 30 per cent gain and rose 7.95 per cent on Tuesday, before the announcement was made yesterday, to close at $0.815.
Fisher & Paykel Appliances Holdings reported an annual net profit of $14.5 million for the 12 months to the end of March 2012.
