Tower Receives an Attractive Cash Takeover Proposal; FVE Increased to NZD 1.17
General insurer Tower has received a NZD 1.17 per share cash takeover proposal from Canadian financial group Fairfax Financial Holdings to be implemented via a scheme of arrangement. The offer price is a 48% premium to Tower’s NZD 0.79 closing price on Feb. 8, 2017 and 38% above our previous NZD 0.85 fair value estimate.General insurance is a difficult business, particularly in New Zealand, with insurers selling commoditised products exposed to increasingly expensive natural disasters. Six yea...
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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