Tower board backs increased Vero takeover

Tue, 27 Jun 2017

By Paul McBeth June 27 (BusinessDesk) - Tower's board is backing the increased takeover bid from Suncorp Group-owned Vero Insurance New Zealand, provided the $236 million offer wins approval from local regulators. The Auckland-based insurer has signed a scheme implementation agreement with ASX-listed Suncorp, where local subsidiary Vero will pay $1.40 a share to buy the NZX-listed general insurer. The deal, which trumped an earlier merger proposal from Canada's Fairfax Financial Holdings at $1.17 a share, valuing Tower at $197.3 million,...

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