When Haier's offer will go to F&P shareholders

Fisher & Paykel Appliances shareholders will receive an offer from Chinese whiteware giant Haier next week.

F&P chairman Dr Keith Turner confirmed the date in an announcement to the stock exchange this morning.

The company's board has restated its advice that shareholders take no action until an independent valuation report is completed.

Dr Turner says in the announcement the report, known as the target company statement, should be sent to shareholders by October 10.

"This target company statement will contain very important information that you should consider before you decide what to do. It will include an independent report on the merits of the offer," today's statement says.

F&P announced the takeover bid on September 10.

Haier, which already owned 20% of F&P, announced its $1.20 offer price the following day, as well as a lock-up agreement with Australian fund manager Allan Gray for a further 17.5% stake.

Dr Turner told NBR ONLINE Haier's bid had prompted "credible" approaches from other companies. 

F&P shares (NZX: FPA) last traded at $1.185, after starting the year at 36 cents.