Chinese appliance making giant, Haier is most likely to acquire New Zealand's Fisher and Paykel Appliances.

The board of Fisher and Paykel has recommended a revised $1.28 a share takeover from Haier. The offer price is an improvement of 8 percent over the original takeover bid from Haier. However, the value is at the bottom of a $1.28 to $1.57 range.

The independent directors of the oldest manufacturers in New Zealand recommended the revised offer unanimously. The board had not accepted the earlier offer describing it as too low.

Haier already holds a 20 per cent stake in the company and it has entered into an agreement with Allan Gray Australia to acquire its 17.46 per cent stake in the Fisher and Paykel. The Chinese firm will thus increase its stake to about 37 per cent in Fisher and Paykel.

Meanwhile, Harbour Asset Management, with a 2.4 per cent stake, ACC with 7 per cent and AMP Asset Management with 4.5 per cent has already entered into an agreement to sell their shares to Haier at the rate of $1.28 per share.

F&P Appliances chairman Keith Turner said that the board had studied a range of advises and decided that the revised offer from Haier is fairly valued for the company.