Placing Tower Under Review
We are placing no-moat Tower Limited under review to consider the implications of the rejection of Suncorp’s proposed takeover bid by the New Zealand competition regulator. Our fair value estimate is likely to fall as our NZD 1.40 per share fair value estimate assumed a successful bid by Suncorp. Without the bid, our intrinsic value for Tower was NZD 0.85 per share.We are surprised the New Zealand Commerce Commission blocked the bid as we estimated a combined Suncorp and Tower would have had ma...
Tower is engaged in the provision of general insurance. Co. and its subsidiaries primarily operate in New Zealand with some of its operations based in the Pacific Islands region. Co. and its subsidiaries' operating segments are New Zealand General Insurance and Pacific Genral Insurance. The New Zealand General Insurance segment comprised general insurance business written in New Zealnd. The Pacific Genral Insurance segment includes genral insurance business with customers in the Pacific Islands written by TOWER Insurance subsidiaries and branch operations.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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