Haier expresses a takeover offer for FPA

Fisher & Paykel Appliances has been approached by Haier for a takeover offer.

The potential cash offer price indicated by Haier (a 20 % shareholder in the company) would represent a premium to Fisher & Paykel Appliances current share price, if an offer were to be made.

No takeover offer has been received by Fisher & Paykel Appliances.

The ASX reports, the board of directors of Fisher & Paykel Appliances excluding the two directors associated with Haier recommends that if a takeover offer is received by the company, shareholders should take no action until complete details of the Independent Board’s assessment of the offer and the directors’ recommendation together with an independent adviser’s report has been provided to shareholders.

According to Fisher & Paykel, Haier has requested to undertake limited commercial and financial due diligence to assist it to develop its expression of interest into a complete proposal.

After considering the expression of interest, Fisher & Paykel Appliances has agreed to allow Haier to undertake this limited due diligence.

Haier has also received an extract from the company’s five year strategic plan as a part of this process, which Fisher & Paykel Appliances’ management had recently reviewed and updated.

Haier will also approach three of Fisher & Paykel Appliances’ largest shareholders over the weekend regarding the possible takeover offer for the company.

There is no certainty that an offer for shares in Fisher & Paykel Appliances or any other transaction will result. 

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