Fisher & Paykel Independent Directors Recommend Do Not Accept Haier Acquisition Offer Oct 4, 2012

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The Independent Directors of Fisher & Paykel Appliances Holdings Ltd. unanimously recommended that shareholders not accept Haier's takeover offer.

Chairman Keith Turner said that a group of Independent Directors carefully considered a range of expert advice in making this recommendation, including an Independent Adviser's report prepared by Grant Samuel. The Independent Directors assigned to analyze the acquisition offer from Haier were Dr. Keith Turner, Philip Lough, Lynley Marshall, and Bill Roest.

F&P is based in New Zealand. The Independent Directors said Haier's offer of $1.20 (New Zealand dollars) per F&P share didn't reflect the value the appliance company.

"The Independent Adviser's opinion is that the full underlying value of FPA shares is in a range of $1.28 to $1.57 per share," Turner said. "We therefore recommend that shareholders do not accept Haier's takeover offer."

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