F&P report due in two weeks

CLAIRE ROGERS
Last updated 10:31 24/09/2012

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Fisher & Paykel Appliances (FPA) shareholders should find out in just over two weeks if Haier's takeover offer of $1.20 a share passes muster with independent experts.

FPA has issued a statement this morning confirming investors will receive Haier's formal documented offer next week.

That will be followed about 14 days later - likely to be about October 10 - by the company's response to the offer, including an independent report by expert adviser company Grant Samuel.

At the same time shareholders will also receive a recommendation on the offer from the company's independent directors.

The company strongly urged investors to wait for all the information before deciding to accept or reject Haier's approach.

The Chinese whiteware giant which currently owns about 20 per cent of Fisher & Paykel Appliances is seeking to acquire at least 50 per cent of the company.

Haier has said it has already secured a "lock- up agreement" with a shareholder, Allan Gray Australia, to buy its 17.46 per cent stake in Fisher and Paykel Appliances.

But minority shareholder Tower Investments has come out swinging at the offer, saying $1.20 is "a steal" and the offer should better reflect the value Haier would derive from the deal.

Tower Investments chief executive Sam Stubbs has said Haier would benefit to the tune of $3.31 a share if it gains full control of Fisher & Paykel Appliances.

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- BusinessDay.co.nz

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