7 Nov 2012

Haier takes over Fisher and Paykel

6:13 am on 7 November 2012

Chinese firm Haier has succeeded in its $927 million takeover bid for Fisher & Paykel Appliances.

Haier says it has acceptances giving it nearly 92.8% of the whiteware maker, taking it over the threshold it needed to compulsorily acquire the remaining shares.

The company upped its bid to $1.28 a share after its initial bid was rejected as too low and says it's pleased with the outcome.

Last week Haier passed its final regulatory hurdle, receiving approval from the Overseas Investment Office for the purchase.

Shares in Fisher & Paykel Appliances closed on Monday at $1.275 each and on Tuesday fell by 0.5 of a cent to $1.27.