Fisher and Paykel Appliances shareholders are again being urged by company chairman Keith Turner to wait until they have all information available before deciding on whether or not to accept a takeover offer from Chinese company Haier.
Haier, a 20% shareholder in FPA, has made an offer for all of the FPA shares it does not hold, at $1.20 a share. It already has agreement from Allan Gray Pty for its 17.46% of FPA, giving Haier a guaranteed 37.46% of the whiteware manufacturer which has design and support staff in Dunedin, along with a call centre in the city.
Dr Turner said in a letter to shareholders yesterday that next week they would receive the offer documentation from Haier.
"Your independent board of FPA recommends that you take no action in relation to this offer, at this stage."
Around October 10, the FPA independent board would send the company's response to the Haier offer. The target company statement would contain important information shareholders should consider before deciding what to do, Dr Turner said.
It would include an independent report on the merits of the offer which was being prepared by Grant Samuel.
At the same time, shareholders would also receive a recommendation from the FPA independent directors about the transaction.
The offer document would specify the timeframe about accepting or rejecting the offer, Dr Turner said.
"We continue to be mindful of the interests of all shareholders and the company and will continue to keep shareholders fully informed," he said.
