Morningstar - Tower Ltd. (TWR) Suncorp Emerges with the Winning Bid for Tower; FVE raised to NZD 1.40

Report

Morningstar

Ravi Reddy

EUR 101.80 For Business Accounts Only

Suncorp Emerges with the Winning Bid for Tower; FVE raised to NZD 1.40

The board of Tower is supporting the higher takeover offer from Suncorp, via its wholly owned subsidiary Vero Insurance New Zealand, which has been raised to NZD 1.40 cash per share from NZD 1.30. In our view, Suncorp was already in the box seat having a 19.9% stake in Tower and higher offer than the NZD 1.17 offer from Fairfax Financial Holdings. With Fairfax Financial not intending to increase its offer, there are still some hurdles remaining including approvals from the Reserve Bank of New Ze...

27/06/2017 14 EN

Underlying

Tower Ltd.

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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NZTWRE0011S2 NZX New Zealand

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

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.

We have operations in 27 countries.

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Analysts

Ravi Reddy

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Tower Limited: 1 director bought

A director at Tower Limited bought 95,644 shares at 0.737NZD and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

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Ceasing Coverage on Tower

We plan to cease coverage on no-moat-rated Tower in late October. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. There is uncertainty surrounding the outcome of the appeals against the New Zealand Commerce Commissionâ€™s decision to block Suncorp Groupâ€™s proposed acquisition of Tower. Tower supports the appeal and has also lodged its own appeal. Our NZD 0.85 per share fair value estimate represents our assessment of Towerâ€™s intrinsic ...

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Suncorp Emerges with the Winning Bid for Tower; FVE raised to NZD 1.40

Tower Limited: 1 director bought

Ceasing Coverage on Tower

Ceasing Coverage on Tower

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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