Feb 22 (Reuters) - Tower Ltd (TWR) :
- Tower notes Suncorp unsolicited off-market share offer
- Suncorp Group acting through UBS, have approached shareholders seeking to initially buy up to a 19.99% stake in Tower
- Offer at a fixed price of NZ$1.30 per share, with a view to escalating the offer to 100% of all shares
- Board also reiterated that Tower insurance policies and the rights of policy holders remain unaffected
- All policies and rights will remain with Tower Insurance Limited in event of a change in ownership of Tower Limited
- Tower Chairman Michael Stiassny says board's advice to shareholders was to seek advice and not to sell their shares until board had fully reviewed offer
News: SUN Tower notes Suncorp unsolicited off-market share offer
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