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Tower appoints adviser for Vero offer

New Zealand insurer Tower has appointed advisory firm Northington Partners to prepare an independent expert’s report on Suncorp’s improved takeover offer.

Tower shareholders are expected to vote on the offer at a meeting in September, provided the Commerce Commission clears the deal in a decision due by July 26.

Shareholders will be sent Tower’s formal recommendation and information from the adviser’s report before the meeting.

Suncorp’s $NZ1.40 ($1.33) per share offer topped a rival bid from Canada’s Fairfax and values the New Zealand company at $NZ236 million ($224 million).

Tower said last month it considers the Suncorp bid, made through its Vero subsidiary, superior to the Fairfax proposal.

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