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...

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