Transfer of Analyst Coverage; Tower’s FVE Unchanged
We transfer analyst coverage of Tower. Our NZD 1.30 per share fair value estimate is unchanged, as are our no-moat and very high uncertainty ratings. Tower is in play with two bidders emerging in February 2017, Canadian financial group Fairfax Financial and Suncorp Group. The board continues to assess the proposals, but from a shareholder's view, the NZD 1.30 per share cash offer from Suncorp is superior to Fairfax Financial's NZD 1.17 cash offer. To date, Fairfax Financial has not come back wit...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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