Haier Group is a global leader in innovative, award-winning consumer electronics and home appliances. Haier acquired approximately 20 percent stake in Fisher and Paykel Appliances in 2009, establishing co-operation agreements in research and development, sourcing, manufacturing and marketing. 

Fisher & Paykel Appliances was issued a take-over notice on Wednesday by Haier New Zealand Investment Holding Company Ltd (Haier), a subsidiary of Haier Group at a cash offer of NZ$1.20 per share for all of the remaining shares in Fisher & Paykel Appliances. The proposed offer price represents a significant 60% premium to Fisher & Paykel Appliances' share price to which the Fisher & Paykel Appliances' Independent Board agrees. Haier supports the direction of Fisher & Paykel Appliances' current business strategy. 

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