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OIO Approval Received - Haier Offer Now Unconditional

31 October 2012

OIO Approval Received - Haier Offer Now Unconditional

Haier New Zealand Investment Holding Company Ltd's (Haier) offer for all the shares in Fisher & Paykel Appliances Holdings Ltd (Fisher & Paykel Appliances) is now unconditional.

Haier has received consent of the Overseas Investment Office to proceed with its offer to acquire all the shares in Fisher & Paykel Appliances Holdings Ltd, the final regulatory approval required for the transaction to proceed.

Haier has now formally declared its offer unconditional.

Shareholders have until 5:00 pm on 6 November 2012 to accept the offer, unless it is extended in accordance with the Takeovers Code. Shareholders who accept the offer on or before this date will be sent their payment in full on or before 13 November 2012.

Mr Liang Haishan, Chairman of Haier New Zealand Investment Holding Company Ltd, and President of Haier White Goods Group, said Haier wanted to be very clear that no further increase to the offer price was being contemplated by Haier and that shareholders now had all information on which to base a decision.

“The support of the Fisher & Paykel Appliances Independent Directors for our revised offer price, acceptances by major shareholders, and the generally positive market reaction are clear indications of the very good value of our offer,” he said.

Haier advised earlier today that it had received approval to proceed with the transaction from the Commerce Bureau of Qingdao Municipal Government, which was the final Chinese regulatory approval required for the transaction to proceed.

ENDS

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