FPA Directors – Shareholders Should Take No Action
FPA Directors – Shareholders Should Take No Action Re Haier Offer
The Board of Directors of FPA excluding the two directors associated with Haier (the “Independent Board”) is reminding shareholders to wait for an independent adviser’s report before taking any action in relation to Haier’s proposed takeover offer.
Chairman, Keith Turner, stressed that the Independent Board has made no recommendation regarding this proposed offer and will not do so until a full assessment has been completed by the Independent Board and the independent adviser.
“Shareholders should wait until this report is available in October before taking any action.”
Dr Turner noted that current Board support for the Haier proposed offer is conditional on no other superior alternatives being available for FPA and its Shareholders, and on the bid price being within or above the independent expert’s valuation range.
“We are already receiving calls from parties interested in acquiring certain FPA divisions.”
“FPA is clearly a very desirable business and we need to ensure that value is maximised for Shareholders.”
About Fisher & Paykel Appliances Holdings Limited
Fisher & Paykel Appliances Holdings Limited is the parent company of Fisher & Paykel Appliances and Fisher and Paykel Finance and is listed on the New Zealand and Australian Stock exchanges, employing over 3,300 staff worldwide.
Fisher & Paykel Appliances was founded in New Zealand in 1934, and develops, manufacturers and markets a full range of refrigeration, laundry, dishwashing and cooking products. Fisher & Paykel is an internationally recognised brand and sells its products in over 50 countries. The Company has manufacturing sites in five locations including Thailand, Mexico, U.S, Italy and New Zealand.
Fisher & Paykel Finance is one of the largest consumer finance companies in New Zealand. The Company is a leading provider in New Zealand of retail point of sale consumer finance. Products include consumer finance (Q Card and Farmers Finance Card), insurance services and extended warranties. The company also provides commercial rental and leasing finance to businesses.