F and P Appliances set to jump to $1.20 offer price with Haier in reach of 50 percent minimum target

Tue, 11 Sep 2012

By Jonathan Underhill Sept. 12 (BusinessDesk) – Shares of Fisher & Paykel Appliances are set to jump to the $1.20-a-share offer price from Haier after the Chinese firm said it is aiming for a minimum 50 percent acceptance and gained support from the target company’s second-largest shareholder. The shares rose to $1.04 yesterday, the highest since November 2008, before Haier unveiled its offer after the market closed. The proposal values FPA at about $869 million and would see Haier pay about $695 million for the 80 percent it doesn’t already...

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