Offer for F&P Appliances is final: Haier

Haier's raised offer for F&P Appliances puts it in the box seat to take over. Photo / Glenn Jeffrey

Chinese whiteware giant Haier says its $1.28 per share offer for Fisher & Paykel Appliances is final and will not be increased.

Shareholders in the New Zealand company have until November 6 to accept the offer, unless it is extended.

Qingdao-based Haier has so far secured 66.6 per cent of the issued shares F&P Appliances.

Liang Haishan, chairman of Haier New Zealand Holding Company, said the firm wanted to be very clear that there would be no further increase in the offer price, which was lifted from $1.20 per share to $1.28 per share last month. If the company, one of world's biggest appliance makers, reaches the 90 per cent acceptance mark it will automatically be able to purchase the remaining 10 per cent of shares and de-list the Kiwi whiteware manufacturer from the NZX.

Mark Lister, head of private wealth research at Craigs Investment Partners, said Haier's announcement last night could prompt a flurry of acceptances.

With only a few business days left before the offer closes the company wanted to get some momentum behind its takeover bid, Lister said.

He said it was not "a given" that Haier would reach 90 per cent. "But most of the market thinks it's a reasonable offer ... if I had to put money on it I would say they will get there."