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SUNCORP GROUP LIMITED — M&A Activity 2017
Feb 21, 2017
65879_rns_2017-02-21_4db8db96-4e90-4620-b075-aee80971bf66.pdf
M&A Activity
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22 February 2017
Market Information NZX Limited Level 1, NZX Centre 11 Cable Street Wellington New Zealand
Company Announcements Office
ASX Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 Australia
Tower receives non-binding proposal from Vero for 100%
Further to its earlier announcement, Tower Limited (NZX/ASX: TWR) confirms that it has now received a non-binding indicative proposal from Suncorp Group Limited (ASX: SUN). Through its wholly-owned subsidiary Vero Insurance New Zealand Limited, Suncorp is seeking to acquire all Tower shares at an indicative cash price of NZ$1.30 per share.
Tower and its advisers are considering the Suncorp proposal, and working through obligations with respect to the Scheme Implementation Agreement with Fairfax Financial Holdings Limited (FFHL).
The Tower Board of Directors will update the market on any material developments as they occur. In the meantime, the Board advises shareholders not to take any action without carefully assessing all available information and seeking their own professional advice.
ENDS
TOWER Michael Stiassny Chairman Tower Limited ARBN 088 481 234 Incorporated in New Zealand
To arrange media interviews, please contact in the first instance: Nicholas Meseldzija Head of Corporate Communications Tower Limited Mobile: +64 21 531 869 Email: [email protected]
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