UPDATE: Suncorp builds 11% stake in Tower, pitches rival takeover bid

Tue, 21 Feb 2017

By Paul McBeth Feb. 22 (BusinessDesk) - ASX-listed insurer Suncorp Group has built an 11 percent stake in Tower and put forward a rival takeover offer for the NZX-listed general insurer. Suncorp, whose New Zealand brands include Vero Insurance and Asteron Life, bought 18.8 million shares at $1.30 apiece and has made "non-binding indicative proposal" to Tower's board to buy the insurer at the same price, it said. The $24.4 million spent building the stake was funded through Vero's excess capital, it said. The offer, worth a total $219...

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