Tower in trading halt as Suncorp's Vero lifts takeover tilt

Sun, 25 Jun 2017

By Paul McBeth June 26 (BusinessDesk) - Tower shares are in a trading halt as the general insurer's board goes through the detail of an increased takeover bid from ASX-listed Suncorp Group's Vero Insurance New Zealand unit. Vero, which has built up a 19.9 percent stake in its rival, is offering $1.40 a share to take over Tower, valuing it at $236.1 million, up from an earlier price of $1.30 a share, or $219.3 million. Tower chairman Michael Stiassny said the board is "fully assessing the proposal with its advisers" and that trading in th...

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