I too watched this unfold and wondered, as my family holds some Tower stock also. Bain completed their offload overnight for a total of NZ$88,798,842. While that is a tidy sum and a profitable return on investment for them, it’s pretty small fry in terms of adding cash to the bid here. Every dollar counts tho, I guess, and to some extent the same portfolio managers will be involved in both that deal and this one so it may be a signal of a Bain pivot for insiders who read the tea leaves.
Incidentally, Tower and IOOF were entwined once, back in 2000 Tower Australia (then a subsidiary of the NZ parent I think) bought IOOF’s trustee business iirc. It’s been a long and winding path but the very first shares we ever held in IOOF (now IFL) came as a direct result of one of those subsequent Tower spinouts!
IFL Price at posting:
$4.20 Sentiment: Hold Disclosure: Held
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