Suncorp says proposed takeover of Tower won't change NZ competitive dynamic

Fri, 03 Mar 2017

By Rebecca Howard March 3 (BusinessDesk) - ASX-listed insurer Suncorp Group said its proposed takeover of NZX-listed general insurer Tower would be "unlikely to materially change the competitive dynamic" in New Zealand. Last month Suncorp, whose New Zealand brands include Vero Insurance and Asteron Life, bought 18.8 million Tower shares at $1.30 apiece and has made a "non-binding indicative proposal" to Tower's board to buy the insurer at the same price, it said. The offer, worth a total $219.3 million, trumps a $197 million deal already...

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