Global hedge funds are set to play a pivotal role in Haier's takeover battle for Fisher & Paykel Appliances.

The battle for control of F & P Appliances took a new turn today when Haier said a share price range put forward by corporate advisers was 'overly optimistic'.

Fisher and Paykel Appliance's independent directors have advised shareholders to reject Haier's takeover offer.

A run of factory closures and redundancies hitting manufacturing firms is the legacy of successive governments' neglect of the sector, says the head of an industry group.

Now a Chinese company is bidding to take over F&P Appliances, the company's 'iconic' status in this country is more fully appreciated.

Retail shareholders have the power to block China's Haier from pulling off its full takeover bid for Fisher & Paykel Appliances - which would allow it to remain listed on the NZX.

Shares of Fisher & Paykel Appliances are set to jump to the $1.20-a-share offer price from Chinese firm Haier.

Haier has offered to buy the 80 per cent of Fisher & Paykel Appliances it doesn't already own for $1.20 a share, valuing the New Zealand company at about $869 million.

Shares of Fisher & Paykel Appliances have soared after 20pc shareholder Haier of China indicated it may launch a full takeover.