F and P Appliances climbs to just above Haier offer after valuer pooh-poohs Chinese proposal

Wed, 03 Oct 2012

By Jonathan Underhill Oct. 4 (BusinessDesk) – Shares of Fisher & Paykel Appliances rose just above Haier’s $1.20-a-share takeover offer after an independent valuation deemed the proposal too low, suggesting the market expects only a minor uplift from the Chinese company. The stock rose 2.1 percent to $1.23 after the Grant Samuel valued the company at between $1.28 and $1.57 a share and FPA’s independent directors urged shareholders to reject the offer. Prior to Haier unveiling its offer last month the stock hadn’t traded as high as $1.20 sin...

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