By Claire Reilly
The war of words between Haier and Fisher & Paykel regarding a potential takeover bid has escalated, with the chairman of F&P once again writing to shareholders urging them not to accept the offer.
Chairman Keith Turner’s letter follows a similar statement from Haier (itself sent in direct response to an earlier statement from F&P) urging shareholders to accept the $1.20 offer price on shares, saying it promised “further certainty for shareholders” compared to F&P’s optimistic projections.
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Today’s letter from Turner was an exercise in bold and underlined typeface, as he stated that F&P’s recommendation on the deal had remained unchanged, and shareholders were advised not to accept Haier’s offer.
“We understand that Haier has again written to shareholders – asserting that you should accept Haier’s offer for your shares in Fisher & Paykel Appliances at $1.20 per share,” Turner wrote.
“Your independent directors continue to unanimously recommend that you do not accept Haier’s offer as we believe that it does not adequately reflect the value of Fisher & Paykel Appliances [Turner's emphasis].”
Turner then outlined the credentials of the independent advisors that compiled the report for F&P, saying that they were well placed to offer informed and “unbiased” advice to the company and its shareholders.
“Fisher & Paykel Appliances is in a strong financial position and, as we said previously, we have confidence in the strategic direction of the company,” Turner wrote.