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Carlyle-backed Haier offers $705m for Fisher & Paykel

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Carlyle-backed Haier Group has put in a NZ$869 million ($705 million) buyout offer for Fisher & Paykel Appliances (F&P), the New Zealand-based kitchen and appliance manufacturer. The Chinese company is willing to pay NZ$1.20 per share in cash - a 15.4% premium on F&P’s closing price on Tuesday.

F&P said on Monday that it received a takeover notice from Haier New Zealand Investment Holding Company, a wholly-owned subsidiary of Haier Group, which already owns 20% of F&P.

The Carlyle Group purchased 9% of Haier's Hong Kong-listed unit last August, investing up to $194 million through convertible bonds.

The Chinese white-goods maker has made several attempts to expand internationally. In 2005, it teamed up with Bain Capital and The Blackstone Group to buy US-based electronics firm Maytag for about $1.3 billion, but transaction was abandoned.

Last October, it succeeded in acquiring Panasonic Corp's Sanyo Electric washing machine and refrigerator businesses in Japan, as well as its washing machine, refrigerator and other consumer electric appliance businesses in Southeast Asia.

Haier's takeover bid for F&P is subject to various approvals. The proposal is expected to be communicated to shareholders in late September or early October and will be open for a period of 45 days.

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