Second Bidder for Tower Emerges With a Higher Offer; FVE Increased to NZD 1.30
Suncorp Group, via its wholly owned subsidiary Vero Insurance New Zealand, has surprisingly lobbed a nonbinding NZD 1.30 per share cash offer to acquire Tower. Suncorp’s proposed offer boosted Tower’s share price by 17%, with the current NZD 1.33 per share price now up 80% since the firm received an initial takeover proposal from Canadian financial group Fairfax Financial Holdings on Feb. 9, 2017. Tower is firmly in play, with the Suncorp offer 11% above the NZD 1.17 per share cash takeover prop...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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