UPDATE: Tower shares driven low after Vero merger rejection

Tue, 25 Jul 2017

By Pattrick Smellie July 26 (BusinessDesk) - (updates for sharemarket at NZX open today) Shares in general insurer Tower took a pounding at the opening of trading on the NZX this morning, falling 29 percent to 90 cents after the Commerce Commission rejected a merger application at $1.40 a share from rival insurer Vero. Owned by Brisbane-based Suncorp, Vero sought permission to acquire Tower's operations after winning a bidding war with Canada's Fairfax Financial Holdings in a deal that valued Tower at $236 million. The Vero bid trumped...

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