According to the announcement issued by Whirlpool (China) Co., Ltd. (hereinafter referred to as Whirlpool) on May 6th, the tender offer has been confirmed. Galanz bought 391.66 million shares of Whirlpool at a price of 5.23 yuan per share, with a total investment of about 2.05 billion yuan and holding approximately 51.1% of Whirlpool.

 

 

Based on statistics provided by Shanghai Branch of China Securities Depository and Clearing Co., Ltd, during the tender offer period from March 31, 2021 to April 29, 2021, there were finally 10 accounts with a total of 391,661,649 shares accepted by the bidder. As the result of tender offer confirmed, Whirlpool resumed trading on May 6, 2021.

 

Whirlpool has developed brands such as Whirlpool, KitchenAid and Royalstar, covering multiple product lines such as kitchen and household appliances. What backs up Whirlpool is the American household appliance giant Whirlpool Group. The Whirlpool Group was established in 1911 and has a history of over 100 years. As for Galanz, it has cooperated with Whirlpool Group for more than 16 years and it is the third largest supplier of Whirlpool Group in the world. Liang Zhaoxian, CEO and President of Galanz Group, said at this years Galanz Chinese Market Annual Conference: "This cooperation is a great leap and new milestone. In the future, we will achieve something that is greater than the whole."

 

Apart from being the largest single shareholder of Zojirushi Japan, the collaboration with 2 century-old household appliances companies is of important strategic significance for Galanz, an enterprise with 43 years history.