SUN 0.91% $18.80 suncorp group limited

News: SUN Tower notes Suncorp unsolicited off-market share offer

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    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
 
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