Australia's Suncorp pays premium to build 19.99% stake in Tower

Tue, 14 Mar 2017

By Paul McBeth March 15 (BusinessDesk) - ASX-listed insurer Suncorp Group raised the stakes in its takeover tilt for NZX-listed general insurer Tower, paying an ever larger premium to build its stake to 19.99 percent. The Australian parent of local insurers Vero Insurance and Asteron Life paid $1.40 a share for 11.3 million shares from Australian fund manager Perpetual yesterday, more than the $1.30 put forward to Tower in an indicative offer, and what it had previously paid to build a 13.3 percent stake. Tower chairman Michael Stias...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.